ProVise Management Group LLC bought a new stake in shares of Valley National Bancorp (NYSE:VLY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 396,161 shares of the financial services provider’s stock, valued at approximately $4,817,000. ProVise Management Group LLC owned 0.12% of Valley National Bancorp as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Valley National Bancorp by 10.6% during the 2nd quarter. BlackRock Inc. now owns 38,754,874 shares of the financial services provider’s stock valued at $471,259,000 after acquiring an additional 3,709,489 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Valley National Bancorp by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,508,643 shares of the financial services provider’s stock worth $168,318,000 after buying an additional 37,857 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Valley National Bancorp by 0.3% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,561,704 shares of the financial services provider’s stock worth $81,758,000 after buying an additional 18,000 shares during the period. Bank of New York Mellon Corp boosted its holdings in Valley National Bancorp by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,004,155 shares of the financial services provider’s stock worth $73,010,000 after buying an additional 191,335 shares during the period. Finally, Northern Trust Corp boosted its holdings in Valley National Bancorp by 0.5% in the 1st quarter. Northern Trust Corp now owns 5,433,760 shares of the financial services provider’s stock worth $67,706,000 after buying an additional 24,891 shares during the period. 56.30% of the stock is owned by hedge funds and other institutional investors.
VLY opened at $12.08 on Wednesday. The company has a market capitalization of $3.99 billion, a P/E ratio of 17.51 and a beta of 0.87. Valley National Bancorp has a 12 month low of $10.61 and a 12 month high of $13.38. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.70.
Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.22 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%. The firm had revenue of $248.82 million during the quarter, compared to the consensus estimate of $245.72 million. During the same period last year, the firm earned $0.18 EPS. equities analysts expect that Valley National Bancorp will post 0.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Shareholders of record on Friday, September 14th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.64%. The ex-dividend date is Thursday, September 13th. Valley National Bancorp’s payout ratio is 63.77%.
In other Valley National Bancorp news, Director Gerald Korde sold 5,000 shares of the firm’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $13.27, for a total value of $66,350.00. Following the completion of the transaction, the director now directly owns 659,111 shares of the company’s stock, valued at approximately $8,746,402.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ronald H. Janis purchased 10,000 shares of the business’s stock in a transaction on Tuesday, July 31st. The stock was purchased at an average cost of $11.64 per share, with a total value of $116,400.00. Following the completion of the acquisition, the executive vice president now owns 37,878 shares in the company, valued at $440,899.92. The disclosure for this purchase can be found here. 3.45% of the stock is owned by company insiders.
Several research firms recently commented on VLY. ValuEngine raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Sandler O’Neill reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Valley National Bancorp in a report on Friday, July 27th. Morgan Stanley cut their price objective on shares of Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Citigroup began coverage on shares of Valley National Bancorp in a report on Monday, June 18th. They issued a “neutral” rating and a $14.00 price objective for the company. Finally, Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, August 30th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $13.97.
Valley National Bancorp Profile
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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