Sei Investments Co. increased its holdings in Valley National Bancorp (NASDAQ:VLY – Free Report) by 10.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,455,237 shares of the company’s stock after purchasing an additional 138,906 shares during the quarter. Sei Investments Co.’s holdings in Valley National Bancorp were worth $12,457,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the business. Quarry LP lifted its stake in Valley National Bancorp by 198.1% during the first quarter. Quarry LP now owns 3,070 shares of the company’s stock worth $28,000 after purchasing an additional 2,040 shares in the last quarter. US Bancorp DE lifted its stake in Valley National Bancorp by 80.8% during the second quarter. US Bancorp DE now owns 7,155 shares of the company’s stock worth $55,000 after purchasing an additional 3,198 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Valley National Bancorp by 46.3% during the fourth quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock worth $58,000 after purchasing an additional 1,631 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Valley National Bancorp by 75.5% during the second quarter. Quadrant Capital Group LLC now owns 10,168 shares of the company’s stock worth $79,000 after purchasing an additional 4,375 shares in the last quarter. Finally, Advisory Services Network LLC lifted its stake in Valley National Bancorp by 24.4% during the first quarter. Advisory Services Network LLC now owns 8,665 shares of the company’s stock worth $80,000 after purchasing an additional 1,700 shares in the last quarter. 60.98% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have commented on the company. Wedbush decreased their price target on Valley National Bancorp from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday, January 26th. Morgan Stanley upped their price target on Valley National Bancorp from $8.50 to $9.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 7th. Citigroup began coverage on Valley National Bancorp in a research note on Friday, December 1st. They issued a “neutral” rating and a $9.50 price objective on the stock. TheStreet cut Valley National Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, February 27th. Finally, Barclays began coverage on Valley National Bancorp in a research note on Friday, March 8th. They issued an “underweight” rating and a $8.00 price objective on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus price target of $10.10.
Read Our Latest Research Report on Valley National Bancorp
Valley National Bancorp Stock Down 1.7 %
Valley National Bancorp stock opened at $8.00 on Wednesday. Valley National Bancorp has a 1-year low of $6.39 and a 1-year high of $11.32. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $4.07 billion, a PE ratio of 8.42 and a beta of 1.09. The stock’s fifty day moving average is $9.18 and its two-hundred day moving average is $9.07.
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last posted its quarterly earnings results on Thursday, January 25th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.03). Valley National Bancorp had a net margin of 14.82% and a return on equity of 8.67%. The business had revenue of $449.97 million during the quarter, compared to analyst estimates of $467.49 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.
Valley National Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 2nd. Shareholders of record on Thursday, March 14th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.50%. The ex-dividend date of this dividend is Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio is presently 46.32%.
About Valley National Bancorp
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.
See Also
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Source: defenseworld.net
