Rhumbline Advisers Buys 56,630 Shares of Valley National Bancorp $VLY

Rhumbline Advisers raised its stake in Valley National Bancorp (NASDAQ:VLY) by 3.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,607,503 shares of the company’s stock after purchasing an additional 56,630 shares during the quarter. Rhumbline Advisers owned 0.29% of Valley National Bancorp worth $14,355,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in VLY. AXQ Capital LP purchased a new position in shares of Valley National Bancorp in the second quarter worth $524,000. Franklin Resources Inc. grew its holdings in Valley National Bancorp by 1,705.4% in the 2nd quarter. Franklin Resources Inc. now owns 493,707 shares of the company’s stock worth $4,409,000 after acquiring an additional 466,361 shares during the last quarter. Legal & General Group Plc increased its position in shares of Valley National Bancorp by 3.8% in the second quarter. Legal & General Group Plc now owns 817,246 shares of the company’s stock valued at $7,298,000 after acquiring an additional 29,877 shares during the period. Magnetar Financial LLC bought a new position in shares of Valley National Bancorp during the second quarter valued at about $785,000. Finally, Ensign Peak Advisors Inc raised its stake in shares of Valley National Bancorp by 4.2% during the second quarter. Ensign Peak Advisors Inc now owns 145,981 shares of the company’s stock valued at $1,304,000 after acquiring an additional 5,835 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on VLY shares. JPMorgan Chase & Co. boosted their price target on Valley National Bancorp from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Citigroup raised Valley National Bancorp from a “neutral” rating to a “buy” rating and boosted their target price for the company from $10.00 to $13.50 in a research note on Monday, September 15th. Zacks Research raised Valley National Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 27th. Finally, Janney Montgomery Scott raised shares of Valley National Bancorp to a “strong-buy” rating in a research report on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $13.25.

Valley National Bancorp Trading Down 0.2%

NASDAQ VLY opened at $11.33 on Friday. The firm has a market capitalization of $6.32 billion, a PE ratio of 12.88 and a beta of 1.17. The stock’s 50 day moving average is $10.75 and its 200 day moving average is $9.95. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.51. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. The business had revenue of $511.08 million during the quarter, compared to analyst estimates of $511.47 million. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. Research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is 50.00%.

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.