Franklin Resources Inc. trimmed its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 33.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 271,182 shares of the company's stock after selling 135,076 shares during the period. Franklin Resources Inc. owned about 0.05% of Valley National Bancorp worth $2,498,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Valley National Bancorp in the third quarter valued at $25,000. Blue Trust Inc. lifted its holdings in Valley National Bancorp by 48.2% during the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock worth $44,000 after buying an additional 1,564 shares in the last quarter. Innealta Capital LLC purchased a new position in Valley National Bancorp in the second quarter valued at $38,000. Hexagon Capital Partners LLC grew its stake in Valley National Bancorp by 416.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock worth $56,000 after purchasing an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Valley National Bancorp by 46.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock worth $62,000 after purchasing an additional 2,151 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.
Valley National Bancorp Stock Performance
Shares of VLY stock traded up $0.02 during mid-day trading on Thursday, hitting $9.25. The stock had a trading volume of 5,182,912 shares, compared to its average volume of 6,144,053. The company's 50-day simple moving average is $9.93 and its 200-day simple moving average is $8.68. 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 firm has a market cap of $4.71 billion, a PE ratio of 14.92 and a beta of 1.09. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.12.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.26 EPS. Sell-side analysts anticipate that Valley National Bancorp will post 0.65 earnings per share for the current year.
Valley National Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.76%. Valley National Bancorp's dividend payout ratio is currently 70.97%.
Analyst Ratings Changes
VLY has been the subject of several recent research reports. Wedbush reiterated a "neutral" rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research note on Friday, October 25th. Royal Bank of Canada increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, October 25th. StockNews.com downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. Finally, Barclays lifted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $10.00.
Read Our Latest Stock Analysis on VLY
About Valley National Bancorp
(
Free Report)
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.
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