State Street Corp boosted its holdings in shares of Valley National Bancorp (NYSE:VLY) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,062,116 shares of the financial services provider’s stock after acquiring an additional 322,882 shares during the quarter. State Street Corp owned 5.71% of Valley National Bancorp worth $177,885,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Valley National Bancorp by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 21,880,605 shares of the financial services provider’s stock worth $258,410,000 after buying an additional 448,524 shares during the period. Visionary Asset Management Inc. purchased a new stake in shares of Valley National Bancorp during the 2nd quarter worth $328,000. Crawford Investment Counsel Inc. lifted its stake in shares of Valley National Bancorp by 5.1% during the 2nd quarter. Crawford Investment Counsel Inc. now owns 196,413 shares of the financial services provider’s stock worth $2,320,000 after purchasing an additional 9,470 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Valley National Bancorp by 2.2% during the 2nd quarter. Rhumbline Advisers now owns 548,774 shares of the financial services provider’s stock worth $6,481,000 after purchasing an additional 11,838 shares during the last quarter. Finally, Capital Advisors Inc. OK lifted its stake in shares of Valley National Bancorp by 8.5% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,138,475 shares of the financial services provider’s stock worth $13,445,000 after purchasing an additional 88,936 shares during the last quarter. Institutional investors own 62.32% of the company’s stock.
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A number of equities research analysts recently weighed in on the company. Zacks Investment Research cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. BidaskClub cut Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research note on Friday, July 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $13.00 target price on shares of Valley National Bancorp in a research report on Friday, September 29th. Finally, Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 target price on the stock in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $12.67.
In other news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $11.91, for a total transaction of $470,385.45. Following the transaction, the director now owns 258,719 shares in the company, valued at approximately $3,081,343.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.07% of the stock is currently owned by company insiders.
Shares of Valley National Bancorp (VLY) traded up 0.77% on Friday, hitting $11.74. The stock had a trading volume of 2,140,583 shares. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 16.77 and a beta of 0.91. Valley National Bancorp has a 12-month low of $9.59 and a 12-month high of $12.82. The stock has a 50 day moving average price of $11.58 and a 200-day moving average price of $11.65.
Valley National Bancorp (NYSE:VLY) last issued its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $193.00 million for the quarter, compared to analyst estimates of $195.03 million. Valley National Bancorp had a net margin of 19.91% and a return on equity of 8.27%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the business earned $0.16 EPS. On average, equities analysts expect that Valley National Bancorp will post $0.71 earnings per share for the current year.
The firm also recently declared a dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 14th. Valley National Bancorp’s dividend payout ratio is currently 64.71%.
Valley National Bancorp Profile
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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