Trillium Asset Management LLC Acquires New Shares in Valley National Bancorp $VLY

Key Points

• Trillium Asset Management acquired 293,399 shares of Valley National Bancorp in the second quarter, valued at approximately $4.3 million. Institutional investors collectively own 61% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $16.03, above the reported $14.12 share price.
• Valley National Bancorp reported quarterly revenue of $560.74 million, up 13.3% year over year, though earnings of $0.30 per share slightly missed estimates. The bank declared a quarterly dividend of $0.11 per share, representing a 3.1% yield.

Trillium Asset Management LLC acquired a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 293,399 shares of the company's stock, valued at approximately $4,298,000. Trillium Asset Management LLC owned approximately 0.05% of Valley National Bancorp as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of VLY. Cedar Mountain Advisors LLC purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at about $26,000. Assetmark Inc. grew its stake in shares of Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock worth $26,000 after acquiring an additional 1,189 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $26,000. First Horizon Corp raised its holdings in shares of Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after purchasing an additional 1,108 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new position in Valley National Bancorp during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Hovde Group lifted their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. National Bank Financial set a $17.50 price target on Valley National Bancorp in a report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price target on Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. UBS Group set a $17.00 price objective on Valley National Bancorp in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada upped their price objective on Valley National Bancorp from $14.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $16.03.

Valley National Bancorp Stock Down 2.2%

Shares of VLY stock opened at $14.12 on Friday. 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. The stock has a market cap of $7.80 billion, a P/E ratio of 11.97 and a beta of 1.04. The company has a 50 day simple moving average of $14.58 and a two-hundred day simple moving average of $13.58.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The business had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. During the same period in the previous year, the firm earned $0.23 EPS. The company's revenue was up 13.3% on a year-over-year basis. On average, research analysts expect that Valley National Bancorp will post 1.28 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

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

Insider Transactions at Valley National Bancorp

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

Valley National Bancorp 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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