168,256 Shares in Valley National Bancorp (NASDAQ:VLY) Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC purchased a new stake in Valley National Bancorp (NASDAQ:VLY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 168,256 shares of the company’s stock, valued at approximately $1,174,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Retirement Systems of Alabama raised its holdings in shares of Valley National Bancorp by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock valued at $4,263,000 after acquiring an additional 1,435 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Valley National Bancorp by 11.1% in the 2nd quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock valued at $100,000 after acquiring an additional 1,435 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of Valley National Bancorp by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after acquiring an additional 2,500 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Valley National Bancorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 121,095 shares of the company’s stock valued at $845,000 after acquiring an additional 2,500 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Valley National Bancorp by 22.6% in the 2nd quarter. CIBC Asset Management Inc now owns 13,708 shares of the company’s stock valued at $96,000 after acquiring an additional 2,529 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $8.88 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. Valley National Bancorp has a one year low of $6.47 and a one year 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. The business’s 50 day simple moving average is $8.43 and its two-hundred day simple moving average is $7.74.

Valley National Bancorp (NASDAQ:VLY) last posted its 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). 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 for the quarter, compared to analysts’ expectations of $458.67 million. During the same period last year, the firm posted $0.28 earnings per share. Analysts forecast that Valley National Bancorp will post 0.7 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend 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 (DPR) is presently 51.76%.

Analyst Ratings Changes

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

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.