Geode Capital Management LLC Grows Holdings in Valley National Bancorp $VLY

Geode Capital Management LLC lifted its position in Valley National Bancorp (NASDAQ:VLY) by 4.1% in the second quarter, HoldingsChannel.com reports. The firm owned 12,791,712 shares of the company’s stock after purchasing an additional 499,647 shares during the quarter. Geode Capital Management LLC’s holdings in Valley National Bancorp were worth $114,242,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC increased its stake in Valley National Bancorp by 101.5% in the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company’s stock worth $89,308,000 after buying an additional 5,147,786 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Valley National Bancorp by 43.4% in the first quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company’s stock worth $90,810,000 after acquiring an additional 3,091,169 shares during the period. Nuveen LLC purchased a new stake in shares of Valley National Bancorp during the first quarter worth about $15,890,000. Millennium Management LLC raised its stake in Valley National Bancorp by 55.2% during the 1st quarter. Millennium Management LLC now owns 4,802,445 shares of the company’s stock valued at $42,694,000 after purchasing an additional 1,708,364 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Valley National Bancorp by 4.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company’s stock worth $267,054,000 after purchasing an additional 1,377,676 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY opened at $10.48 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.35. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 11.91 and a beta of 1.17. The firm’s 50-day moving average is $10.70 and its 200 day moving average is $9.84.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The business had revenue of $511.08 million during the quarter, compared to the consensus estimate of $511.47 million. During the same period last year, the company earned $0.18 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. Research analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is presently 50.00%.

Analyst Ratings Changes

Several research firms have recently issued reports on VLY. TD Cowen lifted their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, October 27th. Morgan Stanley lifted their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Wall Street Zen raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. National Bankshares set a $15.00 price objective on Valley National Bancorp in a research report on Monday, October 27th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $13.25.

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.