Cornerstone Wealth Group LLC Makes New $504,000 Investment in Valley National Bancorp (NASDAQ:VLY)

Cornerstone Wealth Group LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 63,307 shares of the company’s stock, valued at approximately $504,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in Valley National Bancorp in the 4th quarter worth about $49,734,000. Wellington Management Group LLP grew its stake in Valley National Bancorp by 107.4% during the 3rd quarter. Wellington Management Group LLP now owns 4,443,543 shares of the company’s stock valued at $38,037,000 after acquiring an additional 2,301,128 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Valley National Bancorp by 5.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 24,889,858 shares of the company’s stock valued at $270,309,000 after acquiring an additional 1,257,800 shares in the last quarter. LSV Asset Management grew its stake in Valley National Bancorp by 98.2% during the 4th quarter. LSV Asset Management now owns 2,060,631 shares of the company’s stock valued at $22,378,000 after acquiring an additional 1,020,815 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Valley National Bancorp by 7.6% during the 3rd quarter. American Century Companies Inc. now owns 13,025,530 shares of the company’s stock valued at $111,499,000 after acquiring an additional 920,140 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Insider Transactions at Valley National Bancorp

In other news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the sale, the director now directly owns 224,679 shares in the company, valued at $1,734,521.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Joseph Chillura sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $6.57, for a total transaction of $65,700.00. Following the sale, the executive vice president now directly owns 545,249 shares in the company, valued at $3,582,285.93. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total value of $127,001.72. Following the sale, the director now owns 224,679 shares in the company, valued at $1,734,521.88. The disclosure for this sale can be found here. Insiders sold a total of 51,451 shares of company stock worth $378,452 over the last three months. 1.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on VLY shares. Barclays reduced their price target on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Monday, June 24th. StockNews.com upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 17th. JPMorgan Chase & Co. reduced their price target on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday. Royal Bank of Canada reduced their price target on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, April 9th. Finally, Citigroup reduced their price target on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating for the company in a report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp presently has an average rating of “Hold” and an average target price of $8.67.

Valley National Bancorp Stock Up 4.6 %

Shares of VLY stock opened at $6.98 on Monday. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The firm has a market cap of $3.55 billion, a PE ratio of 8.21 and a beta of 1.08. The stock has a 50 day moving average of $7.23 and a 200-day moving average of $8.36. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, April 25th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. The business had revenue of $890.07 million for the quarter, compared to analyst estimates of $447.38 million. During the same quarter last year, the firm earned $0.30 earnings per share. On average, equities analysts predict that Valley National Bancorp will post 0.86 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Thursday, June 13th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.30%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Valley National Bancorp Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.