Valley National Bancorp (NASDAQ:VLY) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in Valley National Bancorp (NASDAQ:VLY) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 526,231 shares of the company’s stock after selling 15,021 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.10% of Valley National Bancorp worth $3,673,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of VLY. 1832 Asset Management L.P. acquired a new stake in Valley National Bancorp during the 4th quarter valued at approximately $350,000. Gibson Capital LLC acquired a new stake in Valley National Bancorp during the 4th quarter valued at approximately $365,000. Goldman Sachs Group Inc. grew its stake in Valley National Bancorp by 6.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,814,048 shares of the company’s stock valued at $30,561,000 after purchasing an additional 160,854 shares in the last quarter. Vanguard Group Inc. grew its stake in Valley National Bancorp by 0.4% during the 4th 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. Finally, Park Avenue Securities LLC acquired a new stake in Valley National Bancorp during the 1st quarter valued at approximately $243,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Trading Down 0.5 %

Shares of NASDAQ VLY opened at $8.84 on Tuesday. The company has a market cap of $4.50 billion, a price-to-earnings ratio of 10.40 and a beta of 1.08. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The stock’s 50 day simple moving average is $8.43 and its 200 day simple moving average is $7.74.

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

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.98%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s payout ratio is currently 51.76%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on VLY shares. 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 research note on Thursday, June 27th. Keefe, Bruyette & Woods increased their target price on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Barclays reduced their target price on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. 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 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’s stock. According to MarketBeat.com, the stock presently 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.