Louisiana State Employees Retirement System Sells 2,500 Shares of Valley National Bancorp (VLY)
Louisiana State Employees Retirement System cut its stake in Valley National Bancorp (NYSE:VLY) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 59,500 shares of the financial services provider’s stock after selling 2,500 shares during the period. Louisiana State Employees Retirement System’s holdings in Valley National Bancorp were worth $543,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the company. State Street Corp boosted its stake in Valley National Bancorp by 11.0% in the first quarter. State Street Corp now owns 12,824,566 shares of the financial services provider’s stock valued at $122,346,000 after buying an additional 1,266,986 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Valley National Bancorp by 33.9% in the first quarter. Renaissance Technologies LLC now owns 3,144,800 shares of the financial services provider’s stock valued at $30,001,000 after buying an additional 796,100 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Valley National Bancorp by 34.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,632,480 shares of the financial services provider’s stock valued at $25,113,000 after buying an additional 677,816 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Valley National Bancorp by 1,502.4% in the second quarter. BNP Paribas Arbitrage SA now owns 124,044 shares of the financial services provider’s stock valued at $1,131,000 after buying an additional 116,303 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in Valley National Bancorp by 59.2% in the first quarter. Prudential Financial Inc. now owns 263,134 shares of the financial services provider’s stock valued at $2,510,000 after buying an additional 97,800 shares during the last quarter. 54.08% of the stock is currently owned by institutional investors.
Valley National Bancorp (NYSE:VLY) traded up 1.57% during mid-day trading on Tuesday, reaching $9.69. 1,515,914 shares of the company were exchanged. Valley National Bancorp has a 1-year low of $8.31 and a 1-year high of $11.24. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 22.22 and a beta of 0.89. The company has a 50 day moving average of $9.58 and a 200-day moving average of $9.37.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $175.72 million for the quarter, compared to analysts’ expectations of $176.54 million. Valley National Bancorp had a net margin of 14.03% and a return on equity of 7.26%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 EPS. On average, equities research analysts forecast that Valley National Bancorp will post $0.62 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.54%. Valley National Bancorp’s dividend payout ratio is currently 97.78%.
VLY has been the topic of several recent analyst reports. Zacks Investment Research raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 1st. Piper Jaffray Cos. cut Valley National Bancorp from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $9.50 in a research report on Monday, August 8th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Valley National Bancorp has a consensus rating of “Hold” and a consensus target price of $10.00.
Valley National Bancorp Company Profile
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending; Commercial Lending; Investment Management, and Corporate and Other Adjustments.
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