LSV Asset Management Grows Position in Valley National Bancorp $VLY

LSV Asset Management increased its position in Valley National Bancorp (NASDAQ:VLY) by 6.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,522,310 shares of the company’s stock after buying an additional 90,500 shares during the quarter. LSV Asset Management owned 0.27% of Valley National Bancorp worth $16,136,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Valley National Bancorp in the 2nd quarter worth $31,276,000. Cubist Systematic Strategies LLC bought a new stake in shares of Valley National Bancorp in the second quarter worth about $11,921,000. Invesco Ltd. grew its stake in shares of Valley National Bancorp by 88.4% in the second quarter. Invesco Ltd. now owns 2,395,988 shares of the company’s stock worth $21,396,000 after purchasing an additional 1,124,373 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Valley National Bancorp during the 2nd quarter valued at about $9,910,000. Finally, Balyasny Asset Management L.P. raised its position in Valley National Bancorp by 34.5% during the 2nd quarter. Balyasny Asset Management L.P. now owns 3,635,864 shares of the company’s stock valued at $32,468,000 after purchasing an additional 932,234 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 1.4%

NASDAQ:VLY opened at $13.49 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average price is $12.24 and its 200-day moving average price is $11.13. The company has a market capitalization of $7.52 billion, a PE ratio of 13.36 and a beta of 1.10. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $13.87.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup reiterated a “buy” rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. Raymond James Financial raised shares of Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 price objective on the stock in a research report on Friday, January 30th. Royal Bank Of Canada upped their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. JPMorgan Chase & Co. lifted their target price on shares of Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Finally, Cantor Fitzgerald increased their price target on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $14.20.

About Valley National Bancorp

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.