Victory Capital Management Inc. Has $2.47 Million Position in Valley National Bancorp (NASDAQ:VLY)

Victory Capital Management Inc. boosted its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 33.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 354,407 shares of the company’s stock after buying an additional 88,413 shares during the period. Victory Capital Management Inc.’s holdings in Valley National Bancorp were worth $2,474,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in VLY. Innealta Capital LLC bought a new stake in shares of Valley National Bancorp during the second quarter worth about $38,000. EntryPoint Capital LLC acquired a new position in Valley National Bancorp during the 1st quarter valued at about $43,000. Wolverine Asset Management LLC increased its holdings in Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock worth $65,000 after purchasing an additional 5,560 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in shares of Valley National Bancorp in the first quarter worth approximately $92,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Valley National Bancorp in the second quarter valued at approximately $94,000. 61.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on VLY shares. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. lowered their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Keefe, Bruyette & Woods raised their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Morgan Stanley raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $8.00 to $9.50 in a research report on Monday, August 5th. Finally, Royal Bank of Canada lifted their target price on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.31.

Valley National Bancorp Stock Performance

Shares of VLY opened at $8.92 on Wednesday. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The stock’s fifty day moving average price is $8.15 and its two-hundred day moving average price is $7.64. The firm has a market cap of $4.54 billion, a PE ratio of 10.49 and a beta of 1.08.

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 the consensus estimate of $0.20 by ($0.07). The business had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter in the previous year, the business earned $0.28 EPS. On average, 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 announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.93%. Valley National Bancorp’s dividend payout ratio is currently 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.