Intech Investment Management LLC Raises Stake in Valley National Bancorp (NASDAQ:VLY)

Intech Investment Management LLC raised its position in Valley National Bancorp (NASDAQ:VLY) by 332.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 163,478 shares of the company’s stock after acquiring an additional 125,695 shares during the quarter. Intech Investment Management LLC’s holdings in Valley National Bancorp were worth $1,481,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in VLY. AQR Capital Management LLC lifted its stake in Valley National Bancorp by 193.2% in the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after acquiring an additional 6,703,552 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after buying an additional 5,322,278 shares during the last quarter. Millennium Management LLC lifted its position in shares of Valley National Bancorp by 995.0% during the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after buying an additional 2,522,204 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Valley National Bancorp by 461.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock worth $3,960,000 after buying an additional 466,303 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Valley National Bancorp by 103.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 843,376 shares of the company’s stock worth $5,887,000 after buying an additional 428,851 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY opened at $10.78 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The stock has a market capitalization of $5.49 billion, a P/E ratio of 17.39 and a beta of 1.07. The company’s fifty day moving average is $9.44 and its two-hundred day moving average is $8.26. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the previous year, the company posted $0.26 EPS. On average, sell-side analysts predict that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.08%. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Analyst Upgrades and Downgrades

VLY has been the subject of several recent analyst reports. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $9.00 to $10.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.50 to $11.00 in a research report on Monday, November 11th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Royal Bank of Canada upped their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Morgan Stanley upped their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.88.

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.