AQR Capital Management LLC Has $69.23 Million Holdings in Valley National Bancorp (NASDAQ:VLY)

AQR Capital Management LLC boosted its position in shares of Valley National Bancorp (NASDAQ:VLY) by 193.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,173,791 shares of the company’s stock after purchasing an additional 6,703,552 shares during the period. AQR Capital Management LLC owned about 2.00% of Valley National Bancorp worth $69,233,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its position in shares of Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock worth $4,874,000 after purchasing an additional 484,332 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Valley National Bancorp in the first quarter valued at about $1,021,000. State Board of Administration of Florida Retirement System increased its position in shares of Valley National Bancorp by 74.8% in the first 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 acquiring an additional 106,290 shares during the last quarter. State of Michigan Retirement System raised its holdings in Valley National Bancorp by 2.4% during the first quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Cornerstone Wealth Group LLC acquired a new position in Valley National Bancorp during the first quarter valued at approximately $504,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Trading Down 0.5 %

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

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The firm had revenue of $884.68 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $0.28 earnings per share. As a group, equities research analysts forecast that Valley National Bancorp will post 0.7 earnings per share for the current 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. The ex-dividend date is Friday, September 13th. This represents a $0.44 annualized dividend and a dividend yield of 5.02%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Analyst Ratings Changes

Several research analysts have weighed in on VLY shares. Morgan Stanley raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $8.00 to $9.50 in a research report on Monday, August 5th. Barclays dropped their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. JPMorgan Chase & Co. reduced their price target on 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 boosted 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. Finally, StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research 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 issued a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $8.56.

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.