Valley National Bancorp (NASDAQ:VLY) Sees Unusually-High Trading Volume - Here's What Happened

Valley National Bancorp (NASDAQ:VLY - Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 11,568,220 shares changed hands during mid-day trading, an increase of 97% from the previous session's volume of 5,883,049 shares.The stock last traded at $9.97 and had previously closed at $10.05.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Royal Bank of Canada lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods lifted their price target on Valley National Bancorp from $8.00 to $8.50 and gave the company a "market perform" rating in a research note on Friday, July 26th. Barclays raised Valley National Bancorp from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $9.00 to $10.00 in a research note on Thursday, October 31st. Wedbush reissued a "neutral" rating and set a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. Finally, Morgan Stanley lifted their price target on Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $9.75.

Valley National Bancorp Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. The company has a market capitalization of $5.07 billion, a P/E ratio of 16.06 and a beta of 1.07. The stock has a 50-day moving average price of $9.02 and a 200-day moving average price of $8.04.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same period last year, the company earned $0.26 earnings per share. On average, research analysts predict that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.11 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.42%. Valley National Bancorp's payout ratio is currently 70.97%.

Institutional Investors Weigh In On Valley National Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC increased its holdings in Valley National Bancorp by 332.7% in the third quarter. Intech Investment Management LLC now owns 163,478 shares of the company's stock worth $1,481,000 after purchasing an additional 125,695 shares in the last quarter. Pathstone Holdings LLC increased its holdings in shares of Valley National Bancorp by 44.7% during the third quarter. Pathstone Holdings LLC now owns 231,591 shares of the company's stock valued at $2,098,000 after acquiring an additional 71,553 shares in the last quarter. LMR Partners LLP bought a new stake in shares of Valley National Bancorp during the third quarter valued at approximately $1,448,000. KBC Group NV increased its holdings in shares of Valley National Bancorp by 26.7% during the third quarter. KBC Group NV now owns 14,450 shares of the company's stock valued at $131,000 after acquiring an additional 3,041 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Valley National Bancorp by 1,501.7% during the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company's stock valued at $51,431,000 after acquiring an additional 5,322,278 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

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.