Wealth Enhancement Advisory Services LLC Lowers Stake in Valley National Bancorp $VLY

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 20.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 117,600 shares of the company’s stock after selling 30,233 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Valley National Bancorp were worth $1,136,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. State of Michigan Retirement System boosted its position in Valley National Bancorp by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company’s stock valued at $1,011,000 after buying an additional 1,200 shares during the period. Louisiana State Employees Retirement System boosted its position in Valley National Bancorp by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company’s stock valued at $1,183,000 after buying an additional 1,300 shares during the period. Forum Financial Management LP boosted its position in Valley National Bancorp by 7.8% in the 1st quarter. Forum Financial Management LP now owns 19,142 shares of the company’s stock valued at $170,000 after buying an additional 1,381 shares during the period. State of Alaska Department of Revenue boosted its position in Valley National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company’s stock valued at $494,000 after buying an additional 1,465 shares during the period. Finally, Linden Thomas Advisory Services LLC boosted its position in Valley National Bancorp by 2.8% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 57,456 shares of the company’s stock valued at $511,000 after buying an additional 1,576 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $10.58 on Thursday. The company’s fifty day moving average price is $10.17 and its 200 day moving average price is $9.30. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.14. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $5.92 billion, a P/E ratio of 13.56 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. Valley National Bancorp’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the business earned $0.13 EPS. As a group, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.11 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 4.2%. Valley National Bancorp’s payout ratio is currently 56.41%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup raised shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and raised their price target for the company from $10.00 to $13.50 in a research report on Monday, September 15th. Cowen initiated coverage on shares of Valley National Bancorp in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Cantor Fitzgerald initiated coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They issued an “overweight” rating and a $12.00 price objective on the stock. Truist Financial raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, Barclays restated an “underweight” rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.54.

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.