Intech Investment Management LLC Lowers Stock Holdings in Valley National Bancorp $VLY

Intech Investment Management LLC trimmed its position in shares of Valley National Bancorp (NASDAQ:VLY) by 19.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 403,745 shares of the company’s stock after selling 99,242 shares during the period. Intech Investment Management LLC’s holdings in Valley National Bancorp were worth $3,605,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of VLY. BI Asset Management Fondsmaeglerselskab A S bought a new position in Valley National Bancorp in the 1st quarter worth $35,000. Atlantic Union Bankshares Corp purchased a new position in shares of Valley National Bancorp during the second quarter valued at about $39,000. Hantz Financial Services Inc. increased its stake in Valley National Bancorp by 11,831.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock worth $48,000 after acquiring an additional 5,324 shares during the last quarter. Signaturefd LLC lifted its position in Valley National Bancorp by 23.2% during the second quarter. Signaturefd LLC now owns 6,895 shares of the company’s stock valued at $62,000 after purchasing an additional 1,297 shares during the last quarter. Finally, Brighton Jones LLC purchased a new position in Valley National Bancorp in the second quarter worth about $95,000. 61.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Wall Street Zen raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. National Bankshares set a $15.00 price target on shares of Valley National Bancorp in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Finally, Truist Financial lifted their price target on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $13.25.

Valley National Bancorp Stock Up 0.3%

Shares of VLY opened at $10.46 on Wednesday. The firm has a market cap of $5.83 billion, a P/E ratio of 11.89 and a beta of 1.17. The stock’s 50 day moving average is $10.71 and its two-hundred day moving average is $9.83. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.35.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The business had revenue of $511.08 million for the quarter, compared to the consensus estimate of $511.47 million. During the same quarter last year, the business posted $0.18 earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 50.00%.

About Valley National Bancorp

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.