Connable Office Inc. Sells 11,962 Shares of Valley National Bancorp (NASDAQ:VLY)

Connable Office Inc. trimmed its holdings in Valley National Bancorp (NASDAQ:VLY) by 49.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 12,211 shares of the company’s stock after selling 11,962 shares during the quarter. Connable Office Inc.’s holdings in Valley National Bancorp were worth $111,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Harbor Capital Advisors Inc. bought a new stake in Valley National Bancorp during the 3rd quarter valued at $25,000. Blue Trust Inc. raised 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 valued at $44,000 after buying an additional 1,564 shares during the last quarter. EntryPoint Capital LLC bought a new stake in Valley National Bancorp during the 1st quarter valued at $43,000. Innealta Capital LLC bought a new stake in Valley National Bancorp during the 2nd quarter valued at $38,000. Finally, Hexagon Capital Partners LLC raised its holdings 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 valued at $56,000 after buying an additional 5,001 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on VLY. StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday. Morgan Stanley upped their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Wedbush restated a “neutral” rating and issued a $10.00 price objective on shares of Valley National Bancorp in a report on Friday, October 25th. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $9.00 to $10.00 in a report on Thursday, October 31st. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.88.

Valley National Bancorp Stock Up 0.5 %

NASDAQ:VLY opened at $10.19 on Friday. The firm’s 50-day moving average price is $9.20 and its 200-day moving average price is $8.13. The company has a market capitalization of $5.19 billion, a PE ratio of 16.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. The firm had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the prior year, the firm earned $0.26 EPS. On average, equities analysts predict that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio is presently 70.97%.

Valley National Bancorp Company 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.