Victory Capital Management Inc. Has $88.34 Million Position in Valley National Bancorp $VLY

Victory Capital Management Inc. raised its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 9.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,333,597 shares of the company’s stock after acquiring an additional 702,774 shares during the quarter. Victory Capital Management Inc.’s holdings in Valley National Bancorp were worth $88,336,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Knights of Columbus Asset Advisors LLC lifted its position in shares of Valley National Bancorp by 99.3% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 258,002 shares of the company’s stock worth $2,735,000 after purchasing an additional 128,563 shares in the last quarter. Norges Bank acquired a new position in Valley National Bancorp during the 2nd quarter worth $31,276,000. Y Intercept Hong Kong Ltd boosted its position in Valley National Bancorp by 35.9% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 487,330 shares of the company’s stock valued at $5,166,000 after buying an additional 128,865 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new position in Valley National Bancorp in the 2nd quarter valued at $792,000. Finally, LSV Asset Management increased its stake in shares of Valley National Bancorp by 6.3% in the 3rd quarter. LSV Asset Management now owns 1,522,310 shares of the company’s stock valued at $16,136,000 after buying an additional 90,500 shares during the period. Institutional investors own 61.00% of the company’s stock.

Insider Buying and Selling at Valley National Bancorp

In other news, Director Carlos J. Vazquez purchased 2,500 shares of Valley National Bancorp stock in a transaction that occurred on Tuesday, February 17th. The stock was acquired at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the purchase, the director directly owned 4,252 shares of the company’s stock, valued at $57,189.40. This trade represents a 142.69% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings raised Valley National Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. Morgan Stanley raised their target price on shares of Valley National Bancorp from $14.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday. Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $12.50 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. National Bank Financial set a $16.00 price target on shares of Valley National Bancorp in a research note on Friday, January 30th. Finally, Cantor Fitzgerald raised their price objective on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $14.40.

Valley National Bancorp Stock Up 0.2%

Shares of Valley National Bancorp stock opened at $12.58 on Thursday. 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 has a 52-week low of $7.48 and a 52-week high of $13.87. The firm has a market cap of $6.99 billion, a PE ratio of 12.46 and a beta of 1.07. The business’s 50 day simple moving average is $12.55 and its 200 day simple moving average is $11.46.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.29 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $524.31 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 3.5%. Valley National Bancorp’s dividend payout ratio is presently 43.56%.

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.