Janney Montgomery Scott LLC cut its stake in Valley National Bancorp (NYSE:VLY) by 11.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,838 shares of the financial services provider’s stock after selling 7,122 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Valley National Bancorp were worth $673,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of VLY. Cubist Systematic Strategies LLC bought a new stake in shares of Valley National Bancorp during the third quarter worth $253,000. First Republic Investment Management Inc. increased its stake in shares of Valley National Bancorp by 87.3% during the third quarter. First Republic Investment Management Inc. now owns 28,213 shares of the financial services provider’s stock valued at $340,000 after buying an additional 13,149 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Valley National Bancorp by 113.0% during the third quarter. Allianz Asset Management GmbH now owns 101,408 shares of the financial services provider’s stock valued at $1,222,000 after buying an additional 53,796 shares during the period. Engineers Gate Manager LP increased its stake in shares of Valley National Bancorp by 11.5% during the third quarter. Engineers Gate Manager LP now owns 153,614 shares of the financial services provider’s stock valued at $1,851,000 after buying an additional 15,855 shares during the period. Finally, Stifel Financial Corp grew its stake in Valley National Bancorp by 44.9% in the third quarter. Stifel Financial Corp now owns 27,875 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 8,638 shares during the last quarter. Institutional investors own 63.83% of the company’s stock.
Shares of Valley National Bancorp (VLY) opened at $11.41 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $3,040.26, a PE ratio of 16.78 and a beta of 0.89. Valley National Bancorp has a twelve month low of $10.61 and a twelve month high of $12.82.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Friday, December 22nd will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.86%. The ex-dividend date is Thursday, December 21st. Valley National Bancorp’s dividend payout ratio is presently 64.71%.
Several equities analysts have issued reports on VLY shares. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Wednesday, September 27th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $13.00 target price on shares of Valley National Bancorp in a research note on Friday, September 29th. Finally, Royal Bank of Canada started coverage on Valley National Bancorp in a research note on Thursday. They issued an “outperform” rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.14.
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Valley National Bancorp Profile
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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