Janney Montgomery Scott LLC Has $287,000 Position in Valley National Bancorp $VLY

Janney Montgomery Scott LLC reduced its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 20.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 32,095 shares of the company’s stock after selling 8,072 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Valley National Bancorp were worth $287,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in shares of Valley National Bancorp by 1.0% during the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company’s stock worth $9,787,000 after purchasing an additional 10,996 shares during the period. GAMMA Investing LLC raised its position in Valley National Bancorp by 22.4% during the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock valued at $83,000 after acquiring an additional 1,709 shares in the last quarter. Hourglass Capital LLC raised its position in Valley National Bancorp by 6.3% during the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company’s stock valued at $3,952,000 after acquiring an additional 26,280 shares in the last quarter. OneDigital Investment Advisors LLC raised its position in Valley National Bancorp by 33.3% during the first quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company’s stock valued at $152,000 after acquiring an additional 4,261 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Valley National Bancorp by 230.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company’s stock valued at $1,314,000 after acquiring an additional 103,159 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Citigroup raised shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and raised their price objective for the company from $10.00 to $13.50 in a research report on Monday, September 15th. TD Cowen assumed coverage on shares of Valley National Bancorp in a research report on Thursday, September 25th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, October 1st. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.68.

Valley National Bancorp Trading Up 0.8%

NASDAQ:VLY opened at $9.80 on Monday. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.16. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 12.56 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The company’s 50 day moving average is $10.45 and its 200-day moving average is $9.45.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter last year, the firm posted $0.13 earnings per share. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. Equities analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a $0.11 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.5%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 56.41%.

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.