Valley National Bancorp $VLY Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS boosted its position in Valley National Bancorp (NASDAQ:VLY) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,940 shares of the company’s stock after buying an additional 8,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Valley National Bancorp were worth $956,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Valley National Bancorp in the 1st quarter worth $35,000. Farther Finance Advisors LLC lifted its holdings in Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company’s stock worth $38,000 after buying an additional 2,896 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new position in Valley National Bancorp in the 1st quarter worth $39,000. Signaturefd LLC lifted its holdings in Valley National Bancorp by 23.2% in the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company’s stock worth $62,000 after buying an additional 1,297 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Valley National Bancorp by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock worth $83,000 after buying an additional 1,709 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $10.48 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.16. The firm has a 50-day simple moving average of $10.43 and a 200 day simple moving average of $9.42. The company has a market cap of $5.87 billion, a PE ratio of 13.44 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share 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 business had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the prior year, the firm earned $0.13 EPS. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

VLY has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Jefferies Financial Group upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and upped their target price for the company from $11.00 to $14.00 in a research note on Wednesday, September 24th. Hovde Group started coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They issued an “outperform” rating and a $12.50 target price on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Valley National Bancorp in a research note on Wednesday, October 8th. Finally, Barclays restated a “positive” rating on shares of Valley National Bancorp in a research note on Wednesday, October 8th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.68.

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.