Valley National Bancorp (NASDAQ:VLY) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. cut its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 53.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 182,067 shares of the company’s stock after selling 210,511 shares during the quarter. Edgestream Partners L.P.’s holdings in Valley National Bancorp were worth $1,271,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Retirement Systems of Alabama boosted its holdings in Valley National Bancorp by 0.3% in the first quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock valued at $4,263,000 after purchasing an additional 1,435 shares in the last quarter. Diversified Trust Co boosted its holdings in Valley National Bancorp by 11.1% in the second quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock valued at $100,000 after purchasing an additional 1,435 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Valley National Bancorp by 2.4% in the first quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after purchasing an additional 2,500 shares in the last quarter. Arizona State Retirement System boosted its holdings in Valley National Bancorp by 2.1% in the second quarter. Arizona State Retirement System now owns 121,095 shares of the company’s stock valued at $845,000 after purchasing an additional 2,500 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in Valley National Bancorp by 22.6% in the second quarter. CIBC Asset Management Inc now owns 13,708 shares of the company’s stock valued at $96,000 after buying an additional 2,529 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on VLY. Morgan Stanley upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $8.00 to $9.50 in a research note on Monday, August 5th. Royal Bank of Canada boosted their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Keefe, Bruyette & Woods boosted their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. reduced their price objective on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.31.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $9.06 on Friday. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day simple moving average of $8.26 and a 200-day simple moving average of $7.68. The stock has a market capitalization of $4.61 billion, a PE ratio of 10.66 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The company had revenue of $884.68 million for the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter last year, the company earned $0.28 EPS. Equities analysts predict that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.86%. The ex-dividend date is Friday, September 13th. Valley National Bancorp’s payout ratio is 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.