Profund Advisors LLC Lowers Stake in Valley National Bancorp (NASDAQ:VLY)

Profund Advisors LLC lowered its position in Valley National Bancorp (NASDAQ:VLY) by 6.8% during the 2nd quarter, Holdings Channel reports. The firm owned 37,631 shares of the company’s stock after selling 2,762 shares during the quarter. Profund Advisors LLC’s holdings in Valley National Bancorp were worth $263,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in VLY. Vanguard Group Inc. boosted its stake in shares of Valley National Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 45,625,380 shares of the company’s stock valued at $495,492,000 after purchasing an additional 198,236 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Valley National Bancorp by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock worth $179,537,000 after buying an additional 337,416 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Valley National Bancorp by 6.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,814,048 shares of the company’s stock worth $30,561,000 after acquiring an additional 160,854 shares during the last quarter. Leeward Investments LLC MA increased its stake in Valley National Bancorp by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,900,986 shares of the company’s stock valued at $13,269,000 after purchasing an additional 101,099 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Valley National Bancorp by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,619,511 shares of the company’s stock valued at $12,891,000 after acquiring an additional 26,209 shares during the period. Institutional investors own 61.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on VLY shares. JPMorgan Chase & Co. reduced their price target on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada upped their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Barclays decreased their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.56.

Valley National Bancorp Stock Down 0.5 %

Valley National Bancorp stock opened at $8.77 on Friday. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The firm has a 50 day moving average price of $8.36 and a 200 day moving average price of $7.70. The company has a market capitalization of $4.47 billion, a PE ratio of 10.32 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The business had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. During the same quarter last year, the firm posted $0.28 EPS. Research analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.02%. Valley National Bancorp’s payout ratio is 51.76%.

About Valley National Bancorp

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.