Valley Wealth Managers Inc. Sells 2,007 Shares of Valley National Bancorp (NASDAQ:VLY)

Valley Wealth Managers Inc. trimmed its holdings in Valley National Bancorp (NASDAQ:VLY) by 3.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,312 shares of the company’s stock after selling 2,007 shares during the period. Valley Wealth Managers Inc.’s holdings in Valley National Bancorp were worth $393,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Natixis Advisors L.P. acquired a new position in Valley National Bancorp during the 4th quarter valued at $272,000. Quadrant Capital Group LLC raised its stake in Valley National Bancorp by 54.9% during the 4th quarter. Quadrant Capital Group LLC now owns 15,707 shares of the company’s stock valued at $171,000 after purchasing an additional 5,568 shares during the last quarter. First Eagle Investment Management LLC acquired a new position in Valley National Bancorp during the 4th quarter valued at $4,326,000. Norges Bank acquired a new position in Valley National Bancorp during the 4th quarter valued at $49,734,000. Finally, Quest Partners LLC acquired a new position in Valley National Bancorp during the 4th quarter valued at $390,000. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $8.52 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The company has a fifty day simple moving average of $8.06 and a 200 day simple moving average of $7.64. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The company has a market cap of $4.34 billion, a P/E ratio of 10.02 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data 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). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The company had revenue of $884.68 million for the quarter, compared to the consensus estimate of $458.67 million. During the same quarter last year, the business posted $0.28 earnings per share. Sell-side analysts predict that Valley National Bancorp will post 0.7 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Friday, September 13th. Valley National Bancorp’s payout ratio is 51.76%.

Wall Street Analysts Forecast Growth

VLY has been the subject of several analyst reports. Barclays cut their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Keefe, Bruyette & Woods lifted 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 note on Friday, July 26th. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Valley National Bancorp in a research note on Wednesday, May 22nd. Morgan Stanley raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $8.00 to $9.50 in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. cut their price target on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus target price of $8.31.

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.