Intech Investment Management LLC Takes $264,000 Position in Valley National Bancorp (NASDAQ:VLY)

Intech Investment Management LLC purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 37,783 shares of the company’s stock, valued at approximately $264,000.

Several other institutional investors have also added to or reduced their stakes in the company. Stieven Capital Advisors L.P. bought a new position in shares of Valley National Bancorp during the first quarter worth approximately $6,618,000. BNP Paribas Financial Markets raised its holdings in 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 acquiring an additional 484,332 shares in the last quarter. Edgestream Partners L.P. lifted its position in shares of Valley National Bancorp by 821.0% during the 1st quarter. Edgestream Partners L.P. now owns 392,578 shares of the company’s stock valued at $3,125,000 after acquiring an additional 349,954 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Valley National Bancorp by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock worth $179,537,000 after purchasing an additional 337,416 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Valley National Bancorp in the first quarter worth $2,630,000. 61.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on VLY. JPMorgan Chase & Co. decreased their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Keefe, Bruyette & Woods upped their target price on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Royal Bank of Canada boosted their price target on Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Barclays reduced their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Finally, StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Valley National Bancorp presently has an average rating of “Hold” and a consensus price target of $8.56.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $8.77 on Friday. The firm has a market capitalization of $4.47 billion, a price-to-earnings 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. The business’s 50-day moving average price is $8.36 and its 200-day moving average price is $7.70. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The business had revenue of $884.68 million for the quarter, compared to the consensus estimate of $458.67 million. During the same period in the previous year, the firm earned $0.28 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 0.7 EPS for the current year.

Valley National Bancorp Dividend Announcement

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

Valley National Bancorp Profile

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.