Creative Planning Reduces Stake in Valley National Bancorp (NASDAQ:VLY)

Creative Planning reduced its holdings in Valley National Bancorp (NASDAQ:VLY) by 39.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 48,871 shares of the company’s stock after selling 31,526 shares during the quarter. Creative Planning’s holdings in Valley National Bancorp were worth $341,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Innealta Capital LLC bought a new position in Valley National Bancorp in the second quarter worth $38,000. EntryPoint Capital LLC purchased a new position in Valley National Bancorp during the 1st quarter valued at about $43,000. Wolverine Asset Management LLC lifted its position in Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock valued at $65,000 after acquiring an additional 5,560 shares during the period. AE Wealth Management LLC bought a new stake in Valley National Bancorp during the second quarter worth about $81,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Valley National Bancorp in the second quarter worth about $94,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on VLY shares. Barclays cut their target price on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Keefe, Bruyette & Woods increased their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada raised their price target on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Hold” and a consensus target price of $8.88.

Valley National Bancorp Trading Up 1.1 %

Shares of NASDAQ VLY opened at $9.51 on Friday. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. The business has a fifty day moving average price of $8.63 and a 200 day moving average price of $7.82. The stock has a market capitalization of $4.84 billion, a P/E ratio of 13.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The business had revenue of $884.68 million for the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter last year, the firm earned $0.28 earnings per share. Equities research analysts expect that Valley National Bancorp will post 0.69 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 61.97%.

Valley National Bancorp Company 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.