LSV Asset Management Grows Stake in Valley National Bancorp $VLY

LSV Asset Management grew its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 6.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,522,310 shares of the company’s stock after acquiring an additional 90,500 shares during the quarter. LSV Asset Management’s holdings in Valley National Bancorp were worth $16,136,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Valley National Bancorp by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 12,791,712 shares of the company’s stock valued at $114,242,000 after purchasing an additional 499,647 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of Valley National Bancorp by 34.5% in the second quarter. Balyasny Asset Management L.P. now owns 3,635,864 shares of the company’s stock worth $32,468,000 after buying an additional 932,234 shares in the last quarter. Norges Bank purchased a new stake in shares of Valley National Bancorp during the second quarter valued at approximately $31,276,000. Bank of America Corp DE increased its position in shares of Valley National Bancorp by 2.5% during the second quarter. Bank of America Corp DE now owns 3,483,793 shares of the company’s stock valued at $31,110,000 after acquiring an additional 86,162 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Valley National Bancorp by 88.4% in the 2nd quarter. Invesco Ltd. now owns 2,395,988 shares of the company’s stock worth $21,396,000 after acquiring an additional 1,124,373 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Trading Up 1.4%

Shares of NASDAQ:VLY opened at $13.49 on Friday. The stock’s 50-day simple moving average is $12.24 and its two-hundred day simple moving average is $11.13. The stock has a market capitalization of $7.52 billion, a price-to-earnings ratio of 13.36 and a beta of 1.10. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $13.87. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm had revenue of $541.25 million for the quarter, compared to analysts’ expectations of $524.31 million. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.13 EPS. Analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on VLY. UBS Group started coverage on Valley National Bancorp in a research note on Monday, December 15th. They set a “buy” rating and a $15.00 target price on the stock. Hovde Group increased their price objective on Valley National Bancorp from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. National Bank Financial set a $16.00 target price on Valley National Bancorp in a research report on Friday, January 30th. Raymond James Financial upgraded shares of Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 target price on the stock in a research note on Friday, January 30th. Finally, Cantor Fitzgerald lifted their price target on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.20.

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.