ClariVest Asset Management LLC Buys New Position in Valley National Bancorp (VLY)
ClariVest Asset Management LLC acquired a new position in shares of Valley National Bancorp (NYSE:VLY) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 364,200 shares of the financial services provider’s stock, valued at approximately $4,297,000.
Other hedge funds have also added to or reduced their stakes in the company. Tyers Asset Management LLC acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $132,000. Capital Fund Management S.A. acquired a new stake in Valley National Bancorp during the first quarter worth approximately $138,000. Riverhead Capital Management LLC increased its stake in Valley National Bancorp by 510.8% in the third quarter. Riverhead Capital Management LLC now owns 12,900 shares of the financial services provider’s stock worth $126,000 after buying an additional 10,788 shares during the last quarter. Flinton Capital Management LLC acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $167,000. Finally, Trexquant Investment LP acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $173,000. Institutional investors own 52.26% of the company’s stock.
Shares of Valley National Bancorp (NYSE:VLY) traded down 0.88% during midday trading on Wednesday, reaching $11.28. 1,597,156 shares of the company traded hands. The company has a 50 day moving average of $11.74 and a 200 day moving average of $11.79. The firm has a market capitalization of $2.98 billion, a P/E ratio of 17.09 and a beta of 0.90. Valley National Bancorp has a 12 month low of $8.49 and a 12 month high of $12.82.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.17 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.17. Valley National Bancorp had a net margin of 19.32% and a return on equity of 7.78%. The firm had revenue of $189.80 million for the quarter, compared to the consensus estimate of $187.34 million. During the same period in the prior year, the firm posted $0.14 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 3.90%. Valley National Bancorp’s dividend payout ratio (DPR) is 68.75%.
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A number of research firms have commented on VLY. Sandler O’Neill downgraded shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, January 31st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $13.00 price objective on shares of Valley National Bancorp in a report on Monday, April 3rd. Zacks Investment Research downgraded shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, April 8th. Finally, Stephens started coverage on shares of Valley National Bancorp in a report on Wednesday, April 5th. They set an “equal weight” rating for the company. Five investment analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and a consensus target price of $11.83.
Valley National Bancorp Company Profile
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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