Sei Investments Co. Decreases Position in Valley National Bancorp (NASDAQ:VLY)

Sei Investments Co. reduced its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 50.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 358,789 shares of the company’s stock after selling 369,488 shares during the period. Sei Investments Co.’s holdings in Valley National Bancorp were worth $2,504,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VLY. Innealta Capital LLC purchased a new position in Valley National Bancorp in the 2nd quarter valued at about $38,000. EntryPoint Capital LLC purchased a new position in Valley National Bancorp in the first quarter valued at about $43,000. Wolverine Asset Management LLC grew its stake in Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock valued at $65,000 after purchasing an additional 5,560 shares in the last quarter. AE Wealth Management LLC acquired a new stake in Valley National Bancorp during the 2nd quarter valued at approximately $81,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Valley National Bancorp during the 2nd quarter worth approximately $94,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

VLY has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. lowered their price objective on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, Wedbush increased their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Valley National Bancorp has a consensus rating of “Hold” and an average price target of $8.63.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $8.88 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. The firm’s 50-day moving average price is $8.42 and its two-hundred day moving average price is $7.73. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The stock has a market capitalization of $4.52 billion, a P/E ratio of 10.45 and a beta of 1.08.

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

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.11 per share. The ex-dividend date was Friday, September 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.95%. Valley National Bancorp’s dividend payout ratio is currently 51.76%.

Valley National Bancorp Company 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.