Legal & General Group Plc Acquires Shares of 641,006 Valley National Bancorp $VLY

Legal & General Group Plc purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 641,006 shares of the company's stock, valued at approximately $9,391,000. Legal & General Group Plc owned approximately 0.12% of Valley National Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted its position in Valley National Bancorp by 24.5% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the company's stock worth $51,000 after purchasing an additional 855 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Valley National Bancorp by 5.7% during the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company's stock valued at $234,000 after purchasing an additional 863 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Valley National Bancorp by 2.1% during the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company's stock worth $513,000 after purchasing an additional 918 shares during the period. Rothschild Investment LLC boosted its holdings in shares of Valley National Bancorp by 7.3% in the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company's stock worth $159,000 after buying an additional 923 shares during the last quarter. Finally, Vident Advisory LLC boosted its holdings in shares of Valley National Bancorp by 9.1% in the 4th quarter. Vident Advisory LLC now owns 11,760 shares of the company's stock worth $137,000 after buying an additional 983 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 1.9%

VLY opened at $13.38 on Wednesday. The firm has a market capitalization of $7.39 billion, a P/E ratio of 11.34 and a beta of 1.03. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The company has a fifty day moving average price of $14.53 and a 200-day moving average price of $13.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted 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 business had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. Valley National Bancorp's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 EPS. Equities research analysts expect that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.3%. Valley National Bancorp's payout ratio is presently 37.29%.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the transaction, the chief accounting officer directly owned 76,116 shares in the company, valued at approximately $1,113,577.08. This 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 accessible through the SEC website. Insiders own 1.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VLY. TD Cowen reissued a "buy" rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Keefe, Bruyette & Woods lifted their price target on Valley National Bancorp from $15.00 to $16.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Cantor Fitzgerald boosted their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. dropped their price objective 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. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.10.

About Valley National Bancorp

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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