Summit Trail Advisors LLC Makes New Investment in Valley National Bancorp (NASDAQ:VLY)

Summit Trail Advisors LLC acquired a new position in Valley National Bancorp (NASDAQ:VLY) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 89,899 shares of the company’s stock, valued at approximately $976,000.

A number of other large investors have also modified their holdings of VLY. LSV Asset Management raised its position in shares of Valley National Bancorp by 98.2% during the 4th quarter. LSV Asset Management now owns 2,060,631 shares of the company’s stock worth $22,378,000 after purchasing an additional 1,020,815 shares during the last quarter. Natixis Advisors L.P. purchased a new stake in Valley National Bancorp during the 4th quarter valued at about $272,000. Victory Capital Management Inc. grew its stake in shares of Valley National Bancorp by 3.3% in the 4th quarter. Victory Capital Management Inc. now owns 5,093,370 shares of the company’s stock valued at $55,314,000 after buying an additional 161,121 shares during the period. Van ECK Associates Corp purchased a new position in shares of Valley National Bancorp during the 4th quarter worth approximately $1,172,000. Finally, Retirement Systems of Alabama lifted its holdings in Valley National Bancorp by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 534,111 shares of the company’s stock worth $5,800,000 after buying an additional 1,686 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Barclays initiated coverage on shares of Valley National Bancorp in a report on Friday, March 8th. They issued an “underweight” rating and a $8.00 price objective on the stock. Citigroup dropped their price objective on shares of Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Morgan Stanley lifted their price objective on shares of Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. dropped their price target on shares of Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, April 4th. Finally, Wedbush dropped their price target on shares of Valley National Bancorp from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, April 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.33.

Valley National Bancorp Trading Down 0.8 %

Shares of VLY traded down $0.06 on Monday, hitting $7.67. 3,529,160 shares of the stock traded hands, compared to its average volume of 6,223,330. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $3.90 billion, a P/E ratio of 9.02 and a beta of 1.10. The stock’s 50 day moving average is $7.71 and its two-hundred day moving average is $8.78. Valley National Bancorp has a 1 year low of $6.39 and a 1 year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.01). The firm had revenue of $890.07 million for the quarter, compared to analysts’ expectations of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same period in the previous year, the company posted $0.30 EPS. As a group, sell-side analysts predict that Valley National Bancorp will post 0.9 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Thursday, March 14th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.74%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 51.76%.

Insider Transactions at Valley National Bancorp

In related news, EVP Joseph Chillura sold 49,715 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $8.18, for a total value of $406,668.70. Following the sale, the executive vice president now owns 545,249 shares of the company’s stock, valued at approximately $4,460,136.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.88% of the company’s stock.

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.