Valley National Bancorp (NASDAQ:VLY) Sees Large Volume Increase

Valley National Bancorp (NASDAQ:VLYGet Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 21,670,725 shares traded hands during mid-day trading, an increase of 241% from the previous session’s volume of 6,357,414 shares.The stock last traded at $8.30 and had previously closed at $7.87.

Analyst Upgrades and Downgrades

VLY has been the subject of a number of recent research reports. Citigroup began coverage on Valley National Bancorp in a research note on Friday, December 1st. They issued a “neutral” rating and a $9.50 target price for the company. TheStreet downgraded Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th. Wedbush reduced their price target on Valley National Bancorp from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, January 26th. Keefe, Bruyette & Woods reduced their price target on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating for the company in a report on Friday, January 26th. Finally, Morgan Stanley increased their price target on Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Valley National Bancorp has a consensus rating of “Hold” and a consensus target price of $10.33.

Read Our Latest Report on VLY

Valley National Bancorp Price Performance

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $9.34 and a two-hundred day moving average price of $9.08. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 8.66 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLYGet Free Report) last announced its quarterly earnings results on Thursday, January 25th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.03). The company had revenue of $449.97 million for the quarter, compared to analyst estimates of $467.49 million. Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th will be issued a $0.11 dividend. The ex-dividend date is Wednesday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 5.35%. Valley National Bancorp’s dividend payout ratio (DPR) is 46.32%.

Institutional Trading of Valley National Bancorp

Several institutional investors have recently modified their holdings of VLY. Wellington Management Group LLP lifted its holdings in shares of Valley National Bancorp by 153.8% in the first quarter. Wellington Management Group LLP now owns 8,869,091 shares of the company’s stock valued at $115,476,000 after buying an additional 5,374,624 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Valley National Bancorp by 2,232.2% during the fourth quarter. Victory Capital Management Inc. now owns 4,936,902 shares of the company’s stock valued at $55,836,000 after purchasing an additional 4,725,214 shares during the last quarter. Norges Bank purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at $49,734,000. State Street Corp lifted its holdings in shares of Valley National Bancorp by 14.3% during the second quarter. State Street Corp now owns 24,116,501 shares of the company’s stock valued at $189,346,000 after purchasing an additional 3,008,420 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Valley National Bancorp by 92.6% during the second quarter. Goldman Sachs Group Inc. now owns 4,415,523 shares of the company’s stock valued at $34,220,000 after purchasing an additional 2,123,297 shares during the last quarter. Institutional investors and hedge funds own 60.98% of the company’s stock.

Valley National Bancorp Company Profile

(Get Free Report)

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.

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