Hsbc Holdings PLC Sells 1,061 Shares of Valley National Bancorp (NASDAQ:VLY)

Hsbc Holdings PLC reduced its stake in Valley National Bancorp (NASDAQ:VLY – Get Rating) by 4.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,740 shares of the company’s stock after selling 1,061 shares during the quarter. Hsbc Holdings PLC’s holdings in Valley National Bancorp were worth $234,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of Valley National Bancorp by 153.8% during the first quarter. Wellington Management Group LLP now owns 8,869,091 shares of the company’s stock worth $115,476,000 after purchasing an additional 5,374,624 shares during the period. State Street Corp increased its holdings in shares of Valley National Bancorp by 11.1% during the first quarter. State Street Corp now owns 20,600,597 shares of the company’s stock worth $270,425,000 after purchasing an additional 2,051,696 shares during the period. Vanguard Group Inc. increased its holdings in shares of Valley National Bancorp by 3.8% during the first quarter. Vanguard Group Inc. now owns 41,628,512 shares of the company’s stock worth $542,003,000 after purchasing an additional 1,534,805 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Valley National Bancorp by 1,048.4% during the second quarter. Cubist Systematic Strategies LLC now owns 1,043,770 shares of the company’s stock worth $10,866,000 after purchasing an additional 952,881 shares during the period. Finally, Capital World Investors increased its holdings in shares of Valley National Bancorp by 20.3% during the first quarter. Capital World Investors now owns 5,495,000 shares of the company’s stock worth $71,545,000 after purchasing an additional 928,000 shares during the period. 54.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Raymond James lowered their target price on shares of Valley National Bancorp from $14.00 to $13.00 and set a “strong-buy” rating on the stock in a report on Friday, January 27th. JPMorgan Chase & Co. reduced their price target on shares of Valley National Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 13th. Finally, Morgan Stanley reduced their price target on shares of Valley National Bancorp from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Friday, January 27th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.17.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock opened at $10.05 on Friday. Valley National Bancorp has a fifty-two week low of $9.56 and a fifty-two week high of $13.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $5.10 billion, a P/E ratio of 8.89 and a beta of 1.10. The company’s 50 day moving average price is $11.55 and its two-hundred day moving average price is $11.64.

Valley National Bancorp (NASDAQ:VLY – Get Rating) last issued its earnings results on Thursday, January 26th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Valley National Bancorp had a net margin of 26.05% and a return on equity of 11.24%. The company had revenue of $518.62 million during the quarter, compared to analyst estimates of $529.56 million. On average, equities analysts forecast that Valley National Bancorp will post 1.39 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.44 dividend on an annualized basis and a yield of 4.38%. Valley National Bancorp’s dividend payout ratio is currently 38.94%.

About Valley National Bancorp

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Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.