Northern Trust Corp Sells 80,456 Shares of Valley National Bancorp $VLY

Key Points

• Northern Trust Corp reduced its stake in Valley National Bancorp by 1.4%, selling 80,456 shares and holding approximately 5.7 million shares valued at about $50.7 million.
• Valley National Bancorp has announced a quarterly dividend of $0.11 per share, yielding 4.2%, with the dividend payable on October 1st to investors of record.
• Analyst ratings for Valley National Bancorp show a mix of evaluations, with six analysts rating it as a Buy and four as Hold, reflecting a general sentiment of a Moderate Buy with an average target price of $10.95.

Northern Trust Corp lowered its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,708,471 shares of the company's stock after selling 80,456 shares during the quarter. Northern Trust Corp owned approximately 1.02% of Valley National Bancorp worth $50,748,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in Valley National Bancorp by 206.6% during the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after acquiring an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Valley National Bancorp during the 4th quarter worth about $39,000. Brown Lisle Cummings Inc. bought a new stake in Valley National Bancorp during the 1st quarter worth about $39,000. Optiver Holding B.V. grew its holdings in Valley National Bancorp by 80.9% during the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after acquiring an additional 2,271 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in Valley National Bancorp by 219.6% during the 1st quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock worth $50,000 after acquiring an additional 3,828 shares during the last quarter. Institutional investors own 61.00% of the company's stock.

Analyst Ratings Changes

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

Valley National Bancorp Stock Up 0.8%

Valley National Bancorp stock opened at $10.49 on Thursday. The company's 50 day simple moving average is $9.49 and its 200 day simple moving average is $9.10. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.10. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of 13.45 and a beta of 1.09. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share 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 business had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter last year, the firm earned $0.13 EPS. Valley National Bancorp's quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a yield of 4.2%. Valley National Bancorp's dividend payout ratio (DPR) is presently 56.41%.

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.

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