Prudential Financial Inc. Raises Stake in Valley National Bancorp (NASDAQ:VLY)

Prudential Financial Inc. boosted its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 80.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 536,633 shares of the company's stock after buying an additional 238,890 shares during the period. Prudential Financial Inc. owned approximately 0.11% of Valley National Bancorp worth $4,862,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. R Squared Ltd acquired a new position in shares of Valley National Bancorp during the fourth quarter valued at about $25,000. Sapient Capital LLC bought a new position in Valley National Bancorp in the 4th quarter valued at about $103,000. Empowered Funds LLC boosted its stake in Valley National Bancorp by 12.0% during the 4th quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock valued at $116,000 after purchasing an additional 1,371 shares during the last quarter. Townsquare Capital LLC increased its holdings in Valley National Bancorp by 11.8% during the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company's stock worth $130,000 after purchasing an additional 1,521 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co purchased a new stake in shares of Valley National Bancorp in the third quarter worth approximately $154,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Stock Performance

VLY stock traded down $0.96 during mid-day trading on Thursday, hitting $8.10. The company had a trading volume of 10,075,340 shares, compared to its average volume of 6,659,816. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $4.54 billion, a PE ratio of 11.74 and a beta of 1.11. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The stock's fifty day moving average price is $9.52 and its two-hundred day moving average price is $9.52.

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Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the prior year, the firm posted $0.22 earnings per share. On average, analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.43%. Valley National Bancorp's dividend payout ratio is presently 63.77%.

Insider Transactions at Valley National Bancorp

In related news, EVP Joseph Chillura sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total transaction of $510,500.00. Following the sale, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.88% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

VLY has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Stephens reiterated an "overweight" rating and issued a $12.50 target price on shares of Valley National Bancorp in a report on Thursday, January 2nd. Citigroup boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Finally, Barclays increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Valley National Bancorp presently has an average rating of "Hold" and an average price target of $10.78.

About Valley National Bancorp

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.