Martingale Asset Management L P Purchases 63,483 Shares of Valley National Bancorp $VLY

Key Points

• Martingale Asset Management L P increased its stake in Valley National Bancorp by 211.5% in the first quarter, acquiring 63,483 shares and owning a total of 93,504 shares valued at $831,000.
• Valley National Bancorp reported a quarterly earnings per share of $0.23, surpassing analysts' expectations of $0.22 and exhibiting a net margin of 12.87%.
• The company declared a $0.11 quarterly dividend with an annualized yield of 4.3%, paid to stockholders of record on September 15th.

Martingale Asset Management L P boosted its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 211.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,504 shares of the company's stock after acquiring an additional 63,483 shares during the period. Martingale Asset Management L P's holdings in Valley National Bancorp were worth $831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VLY. Balyasny Asset Management L.P. acquired a new position in Valley National Bancorp during the 4th quarter worth $74,558,000. Wedge Capital Management L L P NC acquired a new position in Valley National Bancorp during the 1st quarter worth $32,286,000. Soros Fund Management LLC acquired a new position in Valley National Bancorp during the 4th quarter worth $27,180,000. Nuveen LLC acquired a new position in Valley National Bancorp during the 1st quarter worth $15,890,000. Finally, Dimensional Fund Advisors LP lifted its position in Valley National Bancorp by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock worth $267,054,000 after acquiring an additional 1,377,676 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Price Performance

NASDAQ:VLY traded up $0.08 during mid-day trading on Wednesday, hitting $10.49. The company's stock had a trading volume of 7,808,523 shares, compared to its average volume of 7,904,914. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.10. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 13.45 and a beta of 1.09. The stock has a fifty day moving average of $9.49 and a 200-day moving average of $9.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm had revenue of $495.01 million during the quarter, compared to analyst estimates of $495.79 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The company's quarterly revenue was up 9.3% compared to the same quarter last year. As a group, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio is 56.41%.

Analyst Ratings Changes

A number of brokerages have recently commented on VLY. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Morgan Stanley raised shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Finally, Royal Bank Of Canada upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $10.95.

Valley National Bancorp Profile

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.