Cornerstone Wealth Group LLC Purchases 4,040 Shares of Valley National Bancorp (NASDAQ:VLY)

Cornerstone Wealth Group LLC increased its position in shares of Valley National Bancorp (NASDAQ:VLY) by 6.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,347 shares of the company’s stock after purchasing an additional 4,040 shares during the period. Cornerstone Wealth Group LLC’s holdings in Valley National Bancorp were worth $470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of VLY. GAMMA Investing LLC bought a new position in shares of Valley National Bancorp during the fourth quarter worth $35,000. Wolverine Asset Management LLC bought a new position in shares of Valley National Bancorp during the 4th quarter valued at about $40,000. EntryPoint Capital LLC bought a new stake in shares of Valley National Bancorp in the first quarter worth about $43,000. Simplicity Wealth LLC bought a new stake in shares of Valley National Bancorp in the first quarter worth about $92,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Valley National Bancorp in the second quarter worth about $94,000. 61.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $6.57, for a total transaction of $65,700.00. Following the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.88% of the stock is currently owned by insiders.

Valley National Bancorp Trading Up 8.3 %

NASDAQ VLY traded up $0.68 during trading on Friday, hitting $8.89. The stock had a trading volume of 8,332,607 shares, compared to its average volume of 5,929,295. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The stock has a 50 day simple moving average of $7.51 and a 200 day simple moving average of $7.64. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 10.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The business had revenue of $884.68 million for the quarter, compared to the consensus estimate of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period in the prior year, the business posted $0.28 earnings per share. Sell-side analysts predict that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date is Friday, September 13th. Valley National Bancorp’s payout ratio is presently 51.76%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Barclays reduced their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Royal Bank of Canada increased their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. dropped their price objective on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Finally, Wedbush reiterated a “neutral” rating and issued a $8.00 price target on shares of Valley National Bancorp in a research report on Wednesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $8.67.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.