Thrivent Financial for Lutherans Has $1.55 Million Position in Valley National Bancorp $VLY

Thrivent Financial for Lutherans cut its stake in Valley National Bancorp (NASDAQ:VLY) by 55.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 146,544 shares of the company’s stock after selling 185,679 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Valley National Bancorp were worth $1,553,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new position in shares of Valley National Bancorp in the second quarter worth $39,000. Hantz Financial Services Inc. increased its stake in shares of Valley National Bancorp by 11,831.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock valued at $48,000 after purchasing an additional 5,324 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Valley National Bancorp by 244.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company’s stock worth $53,000 after buying an additional 4,177 shares in the last quarter. Vident Advisory LLC acquired a new stake in Valley National Bancorp in the second quarter valued at about $93,000. Finally, Brighton Jones LLC bought a new position in Valley National Bancorp in the second quarter valued at about $95,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $13.30 on Friday. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 13.17 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $13.87. The stock has a fifty day simple moving average of $12.20 and a 200 day simple moving average of $11.09.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The firm had revenue of $541.25 million for the quarter, compared to analyst estimates of $524.31 million. During the same quarter in the previous year, the company posted $0.13 EPS. The business’s revenue was up 14.1% on a year-over-year basis. Sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Analysts Set New Price Targets

VLY has been the topic of several research reports. Zacks Research lowered shares of Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Citigroup reaffirmed a “buy” rating on shares of Valley National Bancorp in a research note on Monday, February 2nd. Raymond James Financial upgraded 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 note on Friday, January 30th. Barclays raised their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods upped their target price on Valley National Bancorp from $12.50 to $13.00 and gave the stock a “market perform” rating in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.20.

Valley National Bancorp Company 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.