Federated Hermes Inc. Grows Stock Position in Valley National Bancorp $VLY

Federated Hermes Inc. grew its position in shares of Valley National Bancorp (NASDAQ:VLY) by 11.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 472,480 shares of the company’s stock after buying an additional 48,334 shares during the period. Federated Hermes Inc. owned 0.08% of Valley National Bancorp worth $5,008,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Valley National Bancorp during the second quarter valued at about $31,276,000. Newbridge Financial Services Group Inc. bought a new stake in Valley National Bancorp in the 2nd quarter worth approximately $792,000. Y Intercept Hong Kong Ltd raised its stake in shares of Valley National Bancorp by 35.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 487,330 shares of the company’s stock worth $5,166,000 after acquiring an additional 128,865 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Valley National Bancorp in the 3rd quarter worth approximately $969,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Valley National Bancorp in the 2nd quarter valued at $425,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Trading Up 1.3%

NASDAQ:VLY opened at $12.62 on Tuesday. The company has a 50-day moving average price of $11.87 and a 200-day moving average price of $10.90. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 12.50 and a beta of 1.09. 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 $12.97.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The company had revenue of $541.25 million for the quarter, compared to analysts’ expectations of $524.31 million. During the same quarter in the previous year, the company earned $0.13 earnings per share. Valley National Bancorp’s quarterly revenue was up 14.1% on a year-over-year basis. Equities analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on VLY. Barclays raised their price target on Valley National Bancorp from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday. Cantor Fitzgerald raised their target price on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. TD Cowen upped their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their price target on shares of Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Finally, National Bankshares set a $16.00 price objective on shares of Valley National Bancorp in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $14.20.

Valley National Bancorp Company Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.