Kennedy Capital Management Inc. acquired a new stake in shares of Valley National Bancorp (NYSE:VLY) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 420,000 shares of the financial services provider’s stock, valued at approximately $4,024,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Texas Permanent School Fund increased its stake in shares of Valley National Bancorp by 3.9% during the first quarter. Texas Permanent School Fund now owns 225,412 shares of the financial services provider’s stock valued at $2,159,000 after acquiring an additional 8,488 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in shares of Valley National Bancorp by 76.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 192,313 shares of the financial services provider’s stock valued at $1,708,000 after acquiring an additional 83,028 shares during the period. BlackRock Inc. grew its position in Valley National Bancorp by 3.4% in the fourth quarter. BlackRock Inc. now owns 44,400,658 shares of the financial services provider’s stock worth $394,278,000 after buying an additional 1,465,653 shares during the last quarter. Truvestments Capital LLC acquired a new position in Valley National Bancorp in the first quarter worth approximately $29,000. Finally, ProVise Management Group LLC grew its position in Valley National Bancorp by 3,038.5% in the first quarter. ProVise Management Group LLC now owns 332,616 shares of the financial services provider’s stock worth $3,186,000 after buying an additional 322,018 shares during the last quarter. Institutional investors and hedge funds own 55.94% of the company’s stock.
Valley National Bancorp stock traded down $0.07 during mid-day trading on Thursday, hitting $10.39. The company’s stock had a trading volume of 12,156 shares, compared to its average volume of 1,906,904. Valley National Bancorp has a twelve month low of $8.42 and a twelve month high of $13.07.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). The business had revenue of $326.32 million for the quarter, compared to analysts’ expectations of $253.23 million. During the same quarter last year, the business posted $0.18 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.11 dividend. The ex-dividend date is Thursday, June 13th. This represents a $0.44 annualized dividend and a yield of 4.23%.
Separately, Zacks Investment Research lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, February 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $12.95.
Valley National Bancorp Company Profile
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.
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