Swiss National Bank Has $6.78 Million Stake in Valley National Bank (VLY)

Swiss National Bank lifted its position in Valley National Bank (NYSE:VLY) by 21.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 544,300 shares of the financial services provider’s stock after purchasing an additional 94,600 shares during the period. Swiss National Bank owned about 0.16% of Valley National Bank worth $6,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in VLY. Greenwich Wealth Management LLC purchased a new stake in shares of Valley National Bank in the first quarter worth $164,000. Ladenburg Thalmann Financial Services Inc. grew its stake in Valley National Bank by 58.3% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 14,749 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 5,429 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Valley National Bank during the fourth quarter valued at $169,000. SNS Financial Group LLC purchased a new position in Valley National Bank during the first quarter valued at $171,000. Finally, Wealth Advisors of Tampa Bay LLC purchased a new position in Valley National Bank during the fourth quarter valued at $184,000. 54.84% of the stock is owned by hedge funds and other institutional investors.

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Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Valley National Bank from a “buy” rating to a “hold” rating in a research note on Thursday, March 8th. ValuEngine raised shares of Valley National Bank from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Hovde Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Valley National Bank in a research note on Wednesday, January 31st. Morgan Stanley raised their target price on shares of Valley National Bank from $13.50 to $14.00 and gave the company an “equal weight” rating in a research note on Monday, April 30th. Finally, Sandler O’Neill raised shares of Valley National Bank from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $13.86.

Valley National Bank opened at $12.84 on Monday, Marketbeat reports. The stock has a market capitalization of $4.25 billion, a PE ratio of 18.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.97 and a quick ratio of 0.97. Valley National Bank has a 12-month low of $10.61 and a 12-month high of $13.38.

Valley National Bank (NYSE:VLY) last released its earnings results on Thursday, April 26th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.03). The firm had revenue of $239.85 million during the quarter, compared to the consensus estimate of $238.74 million. Valley National Bank had a return on equity of 8.20% and a net margin of 15.41%. Valley National Bank’s revenue was up 27.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.17 EPS. research analysts forecast that Valley National Bank will post 0.89 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 3rd. Stockholders of record on Friday, June 15th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.44 annualized dividend and a dividend yield of 3.43%. Valley National Bank’s dividend payout ratio (DPR) is presently 63.77%.

In other news, Director Jennifer W. Steans sold 175,300 shares of the firm’s stock in a transaction dated Wednesday, May 9th. The shares were sold at an average price of $12.76, for a total value of $2,236,828.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.45% of the stock is currently owned by company insiders.

About Valley National Bank

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.