The Capstone Asset Management Co. cuts position of Valley National Bancorp (VLY)

The Capstone Asset Management Co. cuts position of Valley National Bancorp (VLY)

Capstone Asset Management Co. cut its stake in shares of Valley National Bancorp (NYSE:VLY) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,853 shares of the financial services provider’s stock after selling 634 shares during the period. Capstone Asset Management Co.’s holdings in Valley National Bancorp were worth $154,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of VLY. Dimensional Fund Advisors LP boosted its position in Valley National Bancorp by 22.6% in the second quarter. Dimensional Fund Advisors LP now owns 9,348,750 shares of the financial services provider’s stock valued at $85,259,000 after buying an additional 1,721,128 shares in the last quarter. State Street Corp boosted its position in Valley National Bancorp by 11.0% in the first quarter. State Street Corp now owns 12,824,566 shares of the financial services provider’s stock valued at $122,346,000 after buying an additional 1,266,986 shares in the last quarter. Vanguard Group Inc. boosted its position in Valley National Bancorp by 6.6% in the second quarter. Vanguard Group Inc. now owns 17,693,336 shares of the financial services provider’s stock valued at $161,363,000 after buying an additional 1,087,778 shares in the last quarter. BlackRock Fund Advisors boosted its position in Valley National Bancorp by 6.5% in the second quarter. BlackRock Fund Advisors now owns 15,857,657 shares of the financial services provider’s stock valued at $144,622,000 after buying an additional 974,565 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Valley National Bancorp by 33.9% in the first quarter. Renaissance Technologies LLC now owns 3,144,800 shares of the financial services provider’s stock valued at $30,001,000 after buying an additional 796,100 shares in the last quarter. Institutional investors and hedge funds own 54.11% of the company’s stock.

Valley National Bancorp (NYSE:VLY) opened at 9.46 on Friday. The company has a market capitalization of $2.41 billion, a PE ratio of 21.70 and a beta of 0.89. Valley National Bancorp has a 52 week low of $8.31 and a 52 week high of $11.24. The company has a 50-day moving average of $9.57 and a 200-day moving average of $9.37.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. The company earned $175.72 million during the quarter, compared to analysts’ expectations of $176.54 million. Valley National Bancorp had a net margin of 14.03% and a return on equity of 7.26%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 earnings per share. On average, equities research analysts anticipate that Valley National Bancorp will post $0.62 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date was Tuesday, September 13th. Valley National Bancorp’s payout ratio is 97.78%.

VLY has been the topic of several research analyst reports. Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, September 1st. Piper Jaffray Cos. cut shares of Valley National Bancorp from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $10.00 to $9.50 in a report on Monday, August 8th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Valley National Bancorp currently has a consensus rating of “Hold” and an average price target of $10.00.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending; Commercial Lending; Investment Management, and Corporate and Other Adjustments.

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