Valley National Bancorp (NASDAQ:VLY) Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS boosted its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 13.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,140 shares of the company’s stock after purchasing an additional 11,500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Valley National Bancorp were worth $873,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Balyasny Asset Management L.P. purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth approximately $74,558,000. Wellington Management Group LLP lifted its stake in Valley National Bancorp by 90.2% in the fourth quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company’s stock worth $154,558,000 after acquiring an additional 8,088,466 shares during the last quarter. Vanguard Group Inc. grew its holdings in Valley National Bancorp by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company’s stock worth $453,020,000 after acquiring an additional 4,204,651 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Valley National Bancorp in the 1st quarter valued at approximately $32,286,000. Finally, Norges Bank acquired a new stake in shares of Valley National Bancorp in the 4th quarter valued at $31,490,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Trading Up 1.0%

Shares of Valley National Bancorp stock opened at $9.52 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $5.33 billion, a P/E ratio of 12.21 and a beta of 1.06. Valley National Bancorp has a 1 year low of $7.18 and a 1 year high of $11.10. The company’s fifty day moving average is $9.08 and its two-hundred day moving average is $9.12.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.13 earnings per share. Analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 4.62%. Valley National Bancorp’s dividend payout ratio (DPR) is 56.41%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley upgraded shares of Valley National Bancorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Wall Street Zen upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday. Jefferies Financial Group started coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a “hold” rating and a $10.00 price objective for the company. Barclays reaffirmed an “underweight” rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $10.95.

About Valley National Bancorp

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.