Federated Hermes Inc. Acquires 48,334 Shares of Valley National Bancorp $VLY

Federated Hermes Inc. boosted its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 11.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 472,480 shares of the company’s stock after acquiring an additional 48,334 shares during the period. Federated Hermes Inc.’s holdings in Valley National Bancorp were worth $5,008,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Valley National Bancorp during the second quarter valued at approximately $31,276,000. Cubist Systematic Strategies LLC bought a new position in Valley National Bancorp during the 2nd quarter valued at approximately $11,921,000. Invesco Ltd. raised its stake in Valley National Bancorp by 88.4% during the second quarter. Invesco Ltd. now owns 2,395,988 shares of the company’s stock valued at $21,396,000 after buying an additional 1,124,373 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Valley National Bancorp in the second quarter worth $9,910,000. Finally, Balyasny Asset Management L.P. grew its stake in shares of Valley National Bancorp by 34.5% in the second quarter. Balyasny Asset Management L.P. now owns 3,635,864 shares of the company’s stock worth $32,468,000 after acquiring an additional 932,234 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on VLY. UBS Group initiated coverage on shares of Valley National Bancorp in a research note on Monday, December 15th. They issued a “buy” rating and a $15.00 price target on the stock. National Bankshares set a $16.00 target price on shares of Valley National Bancorp in a research note on Friday. Raymond James Financial raised shares of Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 price target for the company in a research report on Friday. JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on Valley National Bancorp from $12.50 to $13.00 and gave the stock a “market perform” rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $14.20.

Valley National Bancorp Trading Up 1.3%

VLY stock opened at $12.62 on Tuesday. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of 12.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $12.97. The business has a 50 day simple moving average of $11.87 and a two-hundred day simple moving average of $10.90.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The firm had revenue of $541.25 million during the quarter, compared to analyst estimates of $524.31 million. During the same period last year, the firm posted $0.13 earnings per share. Valley National Bancorp’s revenue for the quarter was up 14.1% compared to the same quarter last year. Research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.