PNC Financial Services Group Inc. Purchases 41,682 Shares of Valley National Bancorp $VLY

PNC Financial Services Group Inc. increased its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 85.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 90,281 shares of the company’s stock after buying an additional 41,682 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Valley National Bancorp were worth $957,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund increased its holdings in shares of Valley National Bancorp by 0.8% in the third quarter. New York State Common Retirement Fund now owns 145,783 shares of the company’s stock worth $1,545,000 after acquiring an additional 1,200 shares in the last quarter. Linden Thomas Advisory Services LLC grew its position in shares of Valley National Bancorp by 2.7% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 58,581 shares of the company’s stock valued at $621,000 after purchasing an additional 1,542 shares during the period. GAMMA Investing LLC increased its stake in Valley National Bancorp by 16.3% during the 3rd quarter. GAMMA Investing LLC now owns 11,368 shares of the company’s stock worth $121,000 after purchasing an additional 1,594 shares in the last quarter. Ignite Planners LLC increased its stake in Valley National Bancorp by 2.5% during the 2nd quarter. Ignite Planners LLC now owns 66,506 shares of the company’s stock worth $632,000 after purchasing an additional 1,617 shares in the last quarter. Finally, Transcend Capital Advisors LLC raised its holdings in Valley National Bancorp by 11.7% during the 3rd quarter. Transcend Capital Advisors LLC now owns 17,641 shares of the company’s stock worth $187,000 after buying an additional 1,843 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Stock Down 0.3%

NASDAQ:VLY opened at $12.87 on Wednesday. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of 12.74 and a beta of 1.10. 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 has a twelve month low of $7.48 and a twelve month high of $13.87. The stock’s 50 day moving average price is $12.44 and its two-hundred day moving average price is $11.34.

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

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 43.56%.

Insider Buying and Selling

In other Valley National Bancorp news, Director Carlos J. Vazquez purchased 2,500 shares of Valley National Bancorp stock in a transaction that occurred on Tuesday, February 17th. The stock was acquired at an average price of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the acquisition, the director owned 4,252 shares of the company’s stock, valued at approximately $57,189.40. This trade represents a 142.69% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Valley National Bancorp from $12.50 to $13.00 and gave the company a “market perform” rating in a report on Friday, January 30th. TD Cowen raised their price objective on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Citigroup reaffirmed a “buy” rating on shares of Valley National Bancorp in a research note on Monday, February 2nd. UBS Group began coverage on Valley National Bancorp in a report on Monday, December 15th. They set a “buy” rating and a $15.00 target price for the company. Finally, Barclays boosted their price target on Valley National Bancorp from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.