Victory Capital Management Inc. Grows Stock Holdings in Valley National Bancorp $VLY

Victory Capital Management Inc. raised its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 9.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,333,597 shares of the company’s stock after acquiring an additional 702,774 shares during the period. Victory Capital Management Inc. owned approximately 1.49% of Valley National Bancorp worth $88,336,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Focus Partners Advisor Solutions LLC increased its stake in Valley National Bancorp by 31.3% in the 3rd quarter. Focus Partners Advisor Solutions LLC now owns 32,932 shares of the company’s stock valued at $358,000 after buying an additional 7,859 shares during the period. 111 Capital purchased a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $250,000. Elo Mutual Pension Insurance Co acquired a new position in Valley National Bancorp during the 3rd quarter worth approximately $265,000. EJF Capital LLC raised its stake in shares of Valley National Bancorp by 2.7% during the 3rd quarter. EJF Capital LLC now owns 424,855 shares of the company’s stock worth $4,503,000 after buying an additional 11,115 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Valley National Bancorp by 90.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 164,887 shares of the company’s stock valued at $1,748,000 after buying an additional 78,500 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $12.58 on Thursday. 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 company has a market cap of $6.99 billion, a PE ratio of 12.46 and a beta of 1.07. The firm has a fifty day moving average price of $12.55 and a two-hundred day moving average price of $11.46. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $13.87.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $524.31 million. During the same quarter last year, the company earned $0.13 earnings per share. The firm’s revenue was up 14.1% on a year-over-year basis. Analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 43.56%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. JPMorgan Chase & Co. increased their price objective on Valley National Bancorp from $14.00 to $14.50 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. 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 target on the stock in a research note on Friday, January 30th. Cantor Fitzgerald raised their price objective on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday. TD Cowen upped their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, National Bank Financial set a $16.00 price target on shares of Valley National Bancorp in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.40.

Insider Activity

In other news, Director Carlos J. Vazquez bought 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was acquired at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the purchase, the director owned 4,252 shares of the company’s stock, valued at $57,189.40. This trade represents a 142.69% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.43% of the company’s stock.

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.