Sequoia Financial Advisors LLC Invests $235,000 in Valley National Bancorp $VLY

Key Points

• Sequoia Financial Advisors LLC has invested approximately $235,000 in Valley National Bancorp by purchasing 26,370 shares in the 2nd quarter.
• Valley National Bancorp recently announced a quarterly dividend of $0.11 per share, reflecting an annualized yield of 4.2%.
• Analysts have set a consensus price target of $12.68 for Valley National Bancorp, with a majority rating it as a "Moderate Buy."

Sequoia Financial Advisors LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 26,370 shares of the company's stock, valued at approximately $235,000.

Several other large investors have also recently modified their holdings of VLY. AQR Capital Management LLC raised its position in shares of Valley National Bancorp by 101.5% in the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock worth $89,308,000 after purchasing an additional 5,147,786 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Valley National Bancorp by 43.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company's stock worth $90,810,000 after buying an additional 3,091,169 shares during the last quarter. Nuveen LLC purchased a new position in Valley National Bancorp in the 1st quarter worth about $15,890,000. Millennium Management LLC raised its position in Valley National Bancorp by 55.2% in the 1st quarter. Millennium Management LLC now owns 4,802,445 shares of the company's stock worth $42,694,000 after buying an additional 1,708,364 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Valley National Bancorp by 4.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock worth $267,054,000 after buying an additional 1,377,676 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analysts Set New Price Targets

VLY has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Valley National Bancorp in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $12.00 target price for the company. Barclays reissued a "positive" rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Hovde Group initiated coverage on Valley National Bancorp in a research report on Wednesday, September 10th. They issued an "outperform" rating and a $12.50 target price for the company. Royal Bank Of Canada boosted their target price on Valley National Bancorp from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Friday, October 10th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Valley National Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $12.68.

Valley National Bancorp Trading Up 4.2%

Valley National Bancorp stock opened at $10.56 on Friday. The business has a 50-day simple moving average of $10.49 and a two-hundred day simple moving average of $9.49. The company has a market cap of $5.91 billion, a P/E ratio of 13.54 and a beta of 1.12. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.16. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. The business had revenue of $511.11 million during the quarter, compared to the consensus estimate of $511.47 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. Analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, December 15th. Valley National Bancorp's payout ratio is currently 56.41%.

Valley National Bancorp Company 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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