QS Investors LLC Purchases New Position in Valley National Bancorp (VLY)
QS Investors LLC purchased a new stake in Valley National Bancorp (NYSE:VLY) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 193,542 shares of the financial services provider’s stock, valued at approximately $2,286,000. QS Investors LLC owned about 0.07% of Valley National Bancorp at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of VLY. World Asset Management Inc increased its stake in Valley National Bancorp by 4.5% in the 1st quarter. World Asset Management Inc now owns 16,133 shares of the financial services provider’s stock valued at $190,000 after buying an additional 699 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Valley National Bancorp by 19.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 178,212 shares of the financial services provider’s stock worth $2,103,000 after purchasing an additional 28,685 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of Valley National Bancorp during the 1st quarter worth about $451,000. Sei Investments Co. increased its stake in shares of Valley National Bancorp by 92,916.4% during the 1st quarter. Sei Investments Co. now owns 159,058 shares of the financial services provider’s stock worth $1,877,000 after purchasing an additional 158,887 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Valley National Bancorp by 3.7% during the 1st quarter. Ameriprise Financial Inc. now owns 1,044,895 shares of the financial services provider’s stock worth $12,331,000 after purchasing an additional 36,817 shares during the last quarter. Hedge funds and other institutional investors own 61.88% of the company’s stock.
Several research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. BidaskClub lowered shares of Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research note on Friday, July 7th. Keefe, Bruyette & Woods restated a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a research note on Friday, September 29th. Finally, Hovde Group upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price objective on the stock in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $12.67.
Valley National Bancorp (NYSE:VLY) opened at 11.93 on Friday. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 17.04 and a beta of 0.91. Valley National Bancorp has a 1-year low of $9.36 and a 1-year high of $12.82. The stock’s 50 day moving average is $11.33 and its 200 day moving average is $11.63.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. The business had revenue of $195.79 million during the quarter, compared to the consensus estimate of $190.83 million. During the same quarter last year, the company posted $0.15 earnings per share. Analysts predict that Valley National Bancorp will post $0.71 EPS for the current fiscal year.
The business also recently disclosed a dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a dividend of $0.11 per share. The ex-dividend date was Thursday, September 14th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 62.86%.
In related news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $11.91, for a total transaction of $470,385.45. Following the completion of the sale, the director now owns 258,719 shares in the company, valued at $3,081,343.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.07% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “QS Investors LLC Purchases New Position in Valley National Bancorp (VLY)” was first published by Watch List News and is owned by of Watch List News. If you are viewing this news story on another domain, it was illegally stolen and reposted in violation of international trademark and copyright legislation. The original version of this news story can be read at https://www.watchlistnews.com/qs-investors-llc-purchases-new-position-in-valley-national-bancorp-vly/1617530.html.
About Valley National Bancorp
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.
Receive News & Ratings for Valley National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Valley National Bancorp and related companies with Analyst Ratings Network's FREE daily email newsletter.