Charles Schwab Investment Management Inc. Purchases 98,574 Shares of Valley National Bancorp (NASDAQ:VLY)

Charles Schwab Investment Management Inc. grew its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,971,223 shares of the company's stock after buying an additional 98,574 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.37% of Valley National Bancorp worth $63,159,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Diversified Trust Co raised its position in Valley National Bancorp by 11.1% during the second quarter. Diversified Trust Co now owns 14,317 shares of the company's stock worth $100,000 after acquiring an additional 1,435 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock valued at $44,000 after purchasing an additional 1,564 shares during the period. GAMMA Investing LLC lifted its stake in Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock valued at $62,000 after purchasing an additional 2,151 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Valley National Bancorp by 7.6% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company's stock valued at $276,000 after purchasing an additional 2,154 shares during the last quarter. Finally, Ignite Planners LLC grew its holdings in Valley National Bancorp by 3.4% during the third quarter. Ignite Planners LLC now owns 65,107 shares of the company's stock worth $590,000 after purchasing an additional 2,170 shares during the period. 61.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley lifted their target price on Valley National Bancorp from $9.50 to $10.00 and gave the stock an "equal weight" rating in a research note on Monday, September 30th. Royal Bank of Canada lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Wedbush reissued a "neutral" rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. StockNews.com cut shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. Finally, Barclays upgraded shares of Valley National Bancorp from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $9.00 to $10.00 in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $9.88.

Valley National Bancorp Price Performance

NASDAQ:VLY traded down $0.04 on Friday, hitting $10.64. The company had a trading volume of 2,962,444 shares, compared to its average volume of 9,462,829. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 17.16 and a beta of 1.07. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $9.57 and a two-hundred day moving average of $8.34.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter last year, the company earned $0.26 earnings per share. On average, research analysts anticipate that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Friday, December 13th. Valley National Bancorp's payout ratio is 70.97%.

Valley National Bancorp 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.