Trillium Asset Management LLC Makes New $4.30 Million Investment in Valley National Bancorp $VLY

Trillium Asset Management LLC acquired a new position in Valley National Bancorp (NASDAQ:VLY) in the second quarter, HoldingsChannel reports. The institutional investor acquired 293,399 shares of the company’s stock, valued at approximately $4,298,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vise Technologies Inc. bought a new position in Valley National Bancorp in the 2nd quarter worth $358,000. Great Lakes Advisors LLC purchased a new stake in Valley National Bancorp in the 2nd quarter worth $4,068,000. Gables Capital Management Inc. bought a new stake in Valley National Bancorp during the second quarter valued at about $177,000. Alpine Woods Capital Investors LLC bought a new stake in Valley National Bancorp during the second quarter valued at about $367,000. Finally, Meeder Advisory Services Inc. bought a new stake in Valley National Bancorp during the second quarter valued at about $165,000. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $14.12 on Friday. The firm has a market cap of $7.80 billion, a PE ratio of 11.97 and a beta of 1.04. The stock has a 50 day moving average of $14.58 and a 200 day moving average of $13.58. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 12 month low of $9.64 and a 12 month high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The firm’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the company earned $0.23 earnings per share. On average, research analysts expect that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.1%. Valley National Bancorp’s dividend payout ratio is presently 37.29%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VLY. Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Royal Bank Of Canada lifted their target price on Valley National Bancorp from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. JPMorgan Chase & Co. lowered their price target on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. Morgan Stanley restated a “positive” rating on shares of Valley National Bancorp in a research note on Monday, June 29th. Finally, UBS Group set a $17.00 price objective on shares of Valley National Bancorp in a report on Tuesday, July 7th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $16.03.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer owned 76,116 shares in the company, valued at $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.06% of the stock is currently owned by insiders.

Valley National Bancorp Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.