Sequoia Financial Advisors LLC Acquires New Position in Valley National Bancorp $VLY

Sequoia Financial Advisors LLC acquired a new stake in shares of Valley National Bancorp (NASDAQ:VLY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 26,370 shares of the company’s stock, valued at approximately $235,000.

A number of other hedge funds also recently made changes to their positions in the stock. State of Michigan Retirement System grew its stake in shares of Valley National Bancorp by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company’s stock valued at $1,011,000 after acquiring an additional 1,200 shares during the period. Signaturefd LLC grew its stake in shares of Valley National Bancorp by 23.2% during the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company’s stock valued at $62,000 after acquiring an additional 1,297 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Valley National Bancorp by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company’s stock valued at $1,183,000 after acquiring an additional 1,300 shares during the period. Forum Financial Management LP boosted its stake in Valley National Bancorp by 7.8% in the 1st quarter. Forum Financial Management LP now owns 19,142 shares of the company’s stock worth $170,000 after purchasing an additional 1,381 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in Valley National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company’s stock worth $494,000 after purchasing an additional 1,465 shares during the period. 61.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on VLY. Barclays restated a “positive” rating on shares of Valley National Bancorp in a research note on Wednesday, October 8th. Morgan Stanley upped their price target on Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. TD Cowen began coverage on Valley National Bancorp in a research note on Thursday, September 25th. They issued a “buy” rating and a $14.00 price target for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Valley National Bancorp in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald began coverage on Valley National Bancorp in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $12.00 price target for the company. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.68.

Valley National Bancorp Stock Up 4.2%

Shares of VLY opened at $10.56 on Friday. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of 13.54 and a beta of 1.12. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.16. The business’s 50 day simple moving average is $10.49 and its 200-day simple moving average is $9.49. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. The business had revenue of $511.11 million for the quarter, compared to analysts’ expectations of $511.47 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. As a group, equities analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s payout ratio is presently 56.41%.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.