Cim Investment Management Inc. Sells 5,226 Shares of Valley National Bancorp (NASDAQ:VLY)

Cim Investment Management Inc. cut its stake in Valley National Bancorp (NASDAQ:VLY) by 19.2% in the second quarter, HoldingsChannel.com reports. The fund owned 21,987 shares of the company’s stock after selling 5,226 shares during the period. Cim Investment Management Inc.’s holdings in Valley National Bancorp were worth $153,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of VLY. BNP Paribas Financial Markets grew its position in shares of Valley National Bancorp by 378.4% in the 1st quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after purchasing an additional 484,332 shares during the period. SG Americas Securities LLC acquired a new position in shares of Valley National Bancorp in the 1st quarter valued at approximately $1,021,000. State Board of Administration of Florida Retirement System grew its position in shares of Valley National Bancorp by 74.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock valued at $1,977,000 after purchasing an additional 106,290 shares during the period. State of Michigan Retirement System grew its position in shares of Valley National Bancorp by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after purchasing an additional 2,500 shares during the period. Finally, Cornerstone Wealth Group LLC acquired a new position in shares of Valley National Bancorp in the 1st quarter valued at approximately $504,000. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Trading Down 0.5 %

NASDAQ VLY opened at $8.77 on Friday. The company has a market cap of $4.47 billion, a PE ratio of 10.32 and a beta of 1.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The stock has a 50 day moving average of $8.36 and a 200-day moving average of $7.70.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The company had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period in the previous year, the company posted $0.28 EPS. On average, equities research analysts anticipate that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date is Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Analysts Set New Price Targets

Several brokerages recently issued reports on VLY. Barclays decreased their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Morgan Stanley upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $8.00 to $9.50 in a research report on Monday, August 5th. Royal Bank of Canada boosted their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Wedbush upped their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Finally, Keefe, Bruyette & Woods upped their price target on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Valley National Bancorp has a consensus rating of “Hold” and a consensus price target of $8.56.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.