Securian Asset Management Inc boosted its holdings in Valley National Bancorp (NYSE:VLY) by 23.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,589 shares of the financial services provider’s stock after acquiring an additional 7,652 shares during the quarter. Securian Asset Management Inc’s holdings in Valley National Bancorp were worth $457,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Oakbrook Investments LLC purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $123,000. IMS Capital Management purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $136,000. Oliver Luxxe Assets LLC purchased a new stake in shares of Valley National Bancorp in the 3rd quarter worth $138,000. Natixis purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $140,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $155,000. 55.94% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 13th. ValuEngine lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 31st. Royal Bank of Canada reiterated a “buy” rating and issued a $13.00 price target on shares of Valley National Bancorp in a research note on Friday, July 27th. Sandler O’Neill reiterated a “buy” rating and issued a $14.00 price target on shares of Valley National Bancorp in a research note on Friday, July 27th. Finally, Morgan Stanley cut their price target on Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a research note on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $13.97.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.02). Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%. The company had revenue of $245.84 million for the quarter, compared to the consensus estimate of $252.55 million. Analysts expect that Valley National Bancorp will post 0.85 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Shareholders of record on Friday, September 14th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.36%. The ex-dividend date was Thursday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 63.77%.
About Valley National Bancorp
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.
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