BlackRock Fund Advisors raised its stake in shares of Valley National Bancorp (NYSE:VLY) by 11.0% during the third quarter, Holdings Channel reports. The fund owned 17,600,835 shares of the financial services provider’s stock after buying an additional 1,743,178 shares during the period. BlackRock Fund Advisors owned about 0.07% of Valley National Bancorp worth $171,256,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the stock. First Trust Advisors LP raised its stake in Valley National Bancorp by 24.4% in the second quarter. First Trust Advisors LP now owns 455,323 shares of the financial services provider’s stock valued at $4,153,000 after buying an additional 89,411 shares during the last quarter. California Public Employees Retirement System raised its stake in Valley National Bancorp by 3.7% in the second quarter. California Public Employees Retirement System now owns 705,839 shares of the financial services provider’s stock valued at $6,437,000 after buying an additional 25,300 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in Valley National Bancorp during the second quarter valued at approximately $2,427,000. State Treasurer State of Michigan raised its stake in Valley National Bancorp by 0.7% in the second quarter. State Treasurer State of Michigan now owns 89,814 shares of the financial services provider’s stock valued at $819,000 after buying an additional 600 shares during the last quarter. Finally, Societe Generale acquired a new stake in Valley National Bancorp during the second quarter valued at approximately $590,000. 52.79% of the stock is owned by hedge funds and other institutional investors.
Shares of Valley National Bancorp (NYSE:VLY) opened at 11.84 on Wednesday. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 25.80 and a beta of 0.85. Valley National Bancorp has a 12-month low of $8.31 and a 12-month high of $12.14. The company has a 50-day moving average of $11.36 and a 200 day moving average of $9.87.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, October 26th. The financial services provider reported $0.16 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.16. Valley National Bancorp had a return on equity of 7.36% and a net margin of 14.51%. During the same quarter last year, the business earned $0.15 EPS. Analysts predict that Valley National Bancorp will post $0.63 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.11 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.72%. Valley National Bancorp’s payout ratio is 95.65%.
Several equities research analysts have recently commented on the stock. Sandler O’Neill lowered shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, November 14th. Zacks Investment Research lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $9.50.
About Valley National Bancorp
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.
Want to see what other hedge funds are holding VLY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Valley National Bancorp (NYSE:VLY).