Stifel Financial Corp Purchases 86,473 Shares of Valley National Bancorp (NASDAQ:VLY)

Stifel Financial Corp increased its position in Valley National Bancorp (NASDAQ:VLY) by 66.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,312 shares of the company’s stock after purchasing an additional 86,473 shares during the period. Stifel Financial Corp’s holdings in Valley National Bancorp were worth $1,969,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in VLY. Kestra Investment Management LLC bought a new stake in Valley National Bancorp in the third quarter worth $515,000. Intech Investment Management LLC boosted its stake in Valley National Bancorp by 332.7% in the 3rd quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock worth $1,481,000 after purchasing an additional 125,695 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Valley National Bancorp by 1,501.7% in the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after purchasing an additional 5,322,278 shares in the last quarter. Waterfall Asset Management LLC purchased a new stake in Valley National Bancorp during the 2nd quarter valued at about $1,693,000. Finally, Pathstone Holdings LLC increased its stake in Valley National Bancorp by 44.7% during the 3rd quarter. Pathstone Holdings LLC now owns 231,591 shares of the company’s stock valued at $2,098,000 after purchasing an additional 71,553 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $9.01 on Friday. The stock has a 50-day moving average price of $9.94 and a 200 day moving average price of $8.59. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.18. The stock has a market capitalization of $4.59 billion, a P/E ratio of 14.53 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. During the same quarter last year, the business posted $0.26 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 0.65 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.88%. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and increased their price target for the company from $10.50 to $11.00 in a report on Monday, November 11th. Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. Barclays upped their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Royal Bank of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Morgan Stanley raised their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Valley National Bancorp has an average rating of “Hold” and an average target price of $10.00.

Valley National Bancorp Profile

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.