Pathstone Family Office LLC raised its position in shares of Valley National Bancorp (NASDAQ:VLY – Get Rating) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 79,828 shares of the company’s stock after acquiring an additional 2,324 shares during the period. Pathstone Family Office LLC’s holdings in Valley National Bancorp were worth $862,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in VLY. US Bancorp DE lifted its stake in shares of Valley National Bancorp by 82.6% during the third quarter. US Bancorp DE now owns 2,527 shares of the company’s stock worth $28,000 after purchasing an additional 1,143 shares in the last quarter. Bessemer Group Inc. acquired a new position in shares of Valley National Bancorp during the third quarter worth about $28,000. Wipfli Financial Advisors LLC acquired a new position in shares of Valley National Bancorp during the third quarter worth about $38,000. Advisors Asset Management Inc. lifted its stake in shares of Valley National Bancorp by 70.3% during the third quarter. Advisors Asset Management Inc. now owns 3,521 shares of the company’s stock worth $38,000 after purchasing an additional 1,454 shares in the last quarter. Finally, Asset Dedication LLC acquired a new position in shares of Valley National Bancorp in the third quarter worth about $51,000. Hedge funds and other institutional investors own 54.77% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently commented on VLY. Raymond James cut their price target on Valley National Bancorp from $14.00 to $13.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 27th. Morgan Stanley cut their price target on Valley National Bancorp from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Friday, January 27th. Finally, JPMorgan Chase & Co. cut their price target on Valley National Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 13th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.17.
Valley National Bancorp Stock Down 1.0 %
Valley National Bancorp (NASDAQ:VLY – Get Rating) last announced its quarterly earnings data on Thursday, January 26th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $518.62 million during the quarter, compared to the consensus estimate of $529.56 million. Valley National Bancorp had a net margin of 26.05% and a return on equity of 11.24%. On average, sell-side 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. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend is Tuesday, March 14th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 38.94%.
About Valley National Bancorp
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.
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