EMC Capital Management Makes New Investment in Valley National Bancorp $VLY

EMC Capital Management bought a new stake in shares of Valley National Bancorp (NASDAQ:VLY) in the second quarter, HoldingsChannel reports. The institutional investor bought 11,675 shares of the company’s stock, valued at approximately $104,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in VLY. Sykon Capital LLC purchased a new position in shares of Valley National Bancorp during the second quarter valued at $446,000. Ontario Teachers Pension Plan Board bought a new position in Valley National Bancorp during the 2nd quarter worth about $677,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Valley National Bancorp by 7.8% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 122,373 shares of the company’s stock valued at $1,093,000 after purchasing an additional 8,836 shares during the period. Olympiad Research LP increased its position in Valley National Bancorp by 46.9% during the 2nd quarter. Olympiad Research LP now owns 15,991 shares of the company’s stock valued at $143,000 after purchasing an additional 5,107 shares during the period. Finally, Ignite Planners LLC raised its holdings in shares of Valley National Bancorp by 2.5% in the 2nd quarter. Ignite Planners LLC now owns 66,506 shares of the company’s stock valued at $632,000 after purchasing an additional 1,617 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Wall Street Analyst Weigh In

VLY has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Truist Financial upped their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. National Bankshares set a $15.00 target price on Valley National Bancorp in a research note on Monday, October 27th. Finally, Cowen reiterated a “buy” rating on shares of Valley National Bancorp in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Buy” and a consensus target price of $13.25.

Valley National Bancorp Trading Up 0.6%

Valley National Bancorp stock opened at $10.52 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $5.87 billion, a PE ratio of 11.95 and a beta of 1.17. The stock has a 50-day moving average of $10.70 and a two-hundred day moving average of $9.84. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.35.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. The firm had revenue of $511.08 million for the quarter, compared to the consensus estimate of $511.47 million. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. Valley National Bancorp’s payout ratio is 50.00%.

About Valley National Bancorp

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.