PNC Financial Services Group Inc. decreased its stake in shares of Valley National Bancorp (NYSE:VLY) by 3.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,803 shares of the financial services provider’s stock after selling 826 shares during the period. PNC Financial Services Group Inc.’s holdings in Valley National Bancorp were worth $208,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its position in Valley National Bancorp by 34.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,632,480 shares of the financial services provider’s stock valued at $25,113,000 after buying an additional 677,816 shares in the last quarter. State Street Corp boosted its position in Valley National Bancorp by 11.0% in the first quarter. State Street Corp now owns 12,824,566 shares of the financial services provider’s stock valued at $122,346,000 after buying an additional 1,266,986 shares in the last quarter. Renaissance Technologies LLC boosted its position in Valley National Bancorp by 33.9% in the first quarter. Renaissance Technologies LLC now owns 3,144,800 shares of the financial services provider’s stock valued at $30,001,000 after buying an additional 796,100 shares in the last quarter. First Trust Advisors LP boosted its position in Valley National Bancorp by 24.4% in the second quarter. First Trust Advisors LP now owns 455,323 shares of the financial services provider’s stock valued at $4,153,000 after buying an additional 89,411 shares in the last quarter. Finally, BlackRock Group LTD boosted its position in Valley National Bancorp by 24.1% in the first quarter. BlackRock Group LTD now owns 226,215 shares of the financial services provider’s stock valued at $2,158,000 after buying an additional 43,905 shares in the last quarter. Institutional investors and hedge funds own 54.11% of the company’s stock.
Shares of Valley National Bancorp (NYSE:VLY) traded up 0.84% during midday trading on Tuesday, reaching $9.65. 618,798 shares of the company were exchanged. Valley National Bancorp has a 52-week low of $8.31 and a 52-week high of $11.24. The stock has a 50-day moving average price of $9.50 and a 200 day moving average price of $9.36. The company has a market capitalization of $2.45 billion, a P/E ratio of 22.13 and a beta of 0.89.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. The firm earned $175.72 million during the quarter, compared to analyst estimates of $176.54 million. Valley National Bancorp had a return on equity of 7.26% and a net margin of 14.03%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.14 earnings per share. Equities research analysts expect that Valley National Bancorp will post $0.62 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.11 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.44 annualized dividend and a yield of 4.60%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 97.78%.
VLY has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, September 24th. Piper Jaffray Cos. cut shares of Valley National Bancorp from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $10.00 to $9.50 in a report on Monday, August 8th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Valley National Bancorp presently has a consensus rating of “Hold” and an average target price of $10.00.
About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending; Commercial Lending; Investment Management, and Corporate and Other Adjustments.
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