Sequoia Financial Advisors LLC maintained its stake in Valley National Bancorp (NYSE:VLY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,300 shares of the financial services provider’s stock at the end of the second quarter. Sequoia Financial Advisors LLC’s holdings in Valley National Bancorp were worth $386,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the stock. State Street Corp increased 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 during the period. BlackRock Institutional Trust Company N.A. increased its position in Valley National Bancorp by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,622,929 shares of the financial services provider’s stock valued at $63,183,000 after buying an additional 19,825 shares during the period. Renaissance Technologies LLC increased 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 during the period. Goldman Sachs Group Inc. increased its position in Valley National Bancorp by 34.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,632,480 shares of the financial services provider’s stock valued at $25,113,000 after buying an additional 677,816 shares during the period. Finally, Geode Capital Management LLC increased its position in Valley National Bancorp by 6.0% in the first quarter. Geode Capital Management LLC now owns 1,349,256 shares of the financial services provider’s stock valued at $12,871,000 after buying an additional 75,900 shares during the period. 54.11% of the stock is currently owned by institutional investors and hedge funds.
Valley National Bancorp (NYSE:VLY) traded up 0.85% during trading on Friday, hitting $9.54. The stock had a trading volume of 1,902,663 shares. Valley National Bancorp has a 1-year low of $8.31 and a 1-year high of $11.24. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 21.88 and a beta of 0.89. The firm’s 50 day moving average is $9.57 and its 200 day moving average is $9.37.
Valley National Bancorp (NYSE:VLY) last issued its earnings results on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share (EPS) 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 analyst estimates of $176.54 million. Valley National Bancorp had a return on equity of 7.26% and a net margin of 14.03%. The business’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, analysts anticipate that Valley National Bancorp will post $0.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date of this dividend was Tuesday, September 13th. Valley National Bancorp’s payout ratio is 97.78%.
VLY has been the topic of several recent analyst reports. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 18th. Piper Jaffray Cos. downgraded Valley National Bancorp from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $9.50 in a research report on Monday, August 8th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $10.00.
Valley National Bancorp Company Profile
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.