Great Lakes Advisors LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 277,669 shares of the company’s stock, valued at approximately $4,068,000. Great Lakes Advisors LLC owned about 0.05% of Valley National Bancorp at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Valley National Bancorp during the second quarter worth about $1,079,026,000. Marshall Wace LLP lifted its position in shares of Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock worth $79,787,000 after acquiring an additional 6,217,716 shares during the period. Norges Bank bought a new stake in shares of Valley National Bancorp in the 4th quarter worth approximately $71,554,000. UBS Group AG grew its holdings in shares of Valley National Bancorp by 404.7% during the 3rd quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock worth $62,197,000 after purchasing an additional 4,704,971 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Valley National Bancorp during the 2nd quarter worth approximately $68,276,000. Institutional investors own 61.00% of the company’s stock.
Analysts Set New Price Targets
VLY has been the subject of several research reports. TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. JPMorgan Chase & Co. decreased their target price on shares of Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. National Bank Financial set a $17.50 target price on shares of Valley National Bancorp in a research note on Wednesday, July 1st. Hovde Group increased their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Valley National Bancorp in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.03.
Insider Buying and Selling
In other news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction on Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the sale, the chief accounting officer directly owned 76,116 shares of the company’s stock, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.06% of the company’s stock.
Valley National Bancorp Trading Down 2.2%
Shares of VLY opened at $14.12 on Friday. The stock has a fifty day moving average price of $14.58 and a two-hundred day moving average price of $13.58. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20. The company has a market cap of $7.80 billion, a price-to-earnings ratio of 11.97 and a beta of 1.04.
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. Valley National Bancorp’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the company earned $0.23 earnings per share. Analysts predict that Valley National Bancorp will post 1.28 EPS for the current fiscal year.
Valley National Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 37.29%.
Valley National Bancorp Profile
Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.
Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.
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