Ignite Planners LLC Raises Holdings in Valley National Bancorp (NASDAQ:VLY)

Ignite Planners LLC raised its position in shares of Valley National Bancorp (NASDAQ:VLY) by 3.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,107 shares of the company’s stock after buying an additional 2,170 shares during the period. Ignite Planners LLC’s holdings in Valley National Bancorp were worth $590,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of VLY. AQR Capital Management LLC boosted its position in shares of Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after buying an additional 6,703,552 shares during the period. Millennium Management LLC boosted its holdings in Valley National Bancorp by 995.0% in the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after purchasing an additional 2,522,204 shares during the period. Stieven Capital Advisors L.P. purchased a new position in Valley National Bancorp in the first quarter valued at $6,618,000. BNP Paribas Financial Markets boosted its holdings in Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after purchasing an additional 484,332 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in Valley National Bancorp by 461.7% in the second quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock valued at $3,960,000 after purchasing an additional 466,303 shares during the period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley lifted their target price 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. Barclays decreased their target price on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Royal Bank of Canada raised their price target 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. Finally, 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 research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.63.

Valley National Bancorp Price Performance

Shares of VLY opened at $8.75 on Wednesday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The stock’s 50 day moving average is $8.45 and its two-hundred day moving average is $7.75. The firm has a market capitalization of $4.46 billion, a PE ratio of 10.33 and a beta of 1.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.

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). The business had revenue of $884.68 million during the quarter, compared to analysts’ expectations 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 prior year, the firm posted $0.28 EPS. Research analysts anticipate that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared 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. This represents a $0.44 annualized dividend and a dividend yield of 5.03%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 51.76%.

Valley National Bancorp 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.