Bank of New York Mellon Corp Makes New $68.28 Million Investment in Valley National Bancorp $VLY

Bank of New York Mellon Corp acquired a new stake in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 4,660,465 shares of the company's stock, valued at approximately $68,276,000. Bank of New York Mellon Corp owned about 0.84% of Valley National Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in VLY. Cedar Mountain Advisors LLC purchased a new stake in shares of Valley National Bancorp during the first quarter worth about $26,000. Assetmark Inc. increased its holdings in Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after purchasing an additional 1,189 shares during the period. Los Angeles Capital Management LLC bought a new position in Valley National Bancorp during the 4th quarter valued at approximately $26,000. Geneos Wealth Management Inc. bought a new position in Valley National Bancorp during the 4th quarter valued at approximately $39,000. Finally, Root Financial Partners LLC raised its position in Valley National Bancorp by 127.3% during the 1st quarter. Root Financial Partners LLC now owns 3,976 shares of the company's stock valued at $49,000 after purchasing an additional 2,227 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Insider Activity

In other news, CAO Mitchell L. Crandell sold 25,495 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares of the company's stock, valued at $1,113,577.08. This trade represents a 25.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.06% of the stock is currently owned by insiders.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $14.10 on Wednesday. The company's fifty day moving average price is $14.57 and its 200-day moving average price is $13.61. The stock has a market cap of $7.79 billion, a PE ratio of 11.95 and a beta of 1.04. 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 - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $560.74 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share. On average, equities analysts expect that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a yield of 3.1%. Valley National Bancorp's dividend payout ratio is currently 37.29%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on VLY shares. Keefe, Bruyette & Woods lifted their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Hovde Group upped their target price on Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a report on Tuesday, May 26th. UBS Group set a $17.00 price target on Valley National Bancorp in a research note on Tuesday, July 7th. Barclays lifted their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Valley National Bancorp from $17.50 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Valley National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $16.03.

Valley National Bancorp Company 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.

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