Valley National Bancorp $VLY Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. grew its holdings in Valley National Bancorp (NASDAQ:VLY) by 1,705.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 493,707 shares of the company’s stock after acquiring an additional 466,361 shares during the quarter. Franklin Resources Inc. owned 0.09% of Valley National Bancorp worth $4,409,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Signaturefd LLC raised its position in shares of Valley National Bancorp by 23.2% in the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company’s stock valued at $62,000 after purchasing an additional 1,297 shares during the last quarter. Ignite Planners LLC increased its stake in Valley National Bancorp by 2.5% during the 2nd quarter. Ignite Planners LLC now owns 66,506 shares of the company’s stock valued at $632,000 after purchasing an additional 1,617 shares in the last quarter. CreativeOne Wealth LLC raised its holdings in shares of Valley National Bancorp by 17.1% in the first quarter. CreativeOne Wealth LLC now owns 13,243 shares of the company’s stock worth $118,000 after buying an additional 1,933 shares during the last quarter. AlphaQuest LLC lifted its stake in shares of Valley National Bancorp by 5.8% during the second quarter. AlphaQuest LLC now owns 49,240 shares of the company’s stock worth $440,000 after buying an additional 2,704 shares during the period. Finally, New York State Teachers Retirement System grew its holdings in shares of Valley National Bancorp by 1.0% during the second quarter. New York State Teachers Retirement System now owns 277,323 shares of the company’s stock valued at $2,476,000 after buying an additional 2,881 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Trading Up 1.4%

Valley National Bancorp stock opened at $11.48 on Tuesday. The firm has a market cap of $6.40 billion, a PE ratio of 13.05 and a beta of 1.17. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.65. The stock’s 50 day simple moving average is $10.76 and its two-hundred day simple moving average is $9.97. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The firm had revenue of $511.08 million during the quarter, compared to analyst estimates of $511.47 million. During the same period in the previous year, the firm earned $0.18 EPS. The business’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is presently 50.00%.

Analysts Set New Price Targets

VLY has been the subject of a number of research analyst reports. Royal Bank Of Canada raised their target price on Valley National Bancorp from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Cowen restated a “buy” rating on shares of Valley National Bancorp in a research note on Monday, October 27th. Jefferies Financial Group upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and upped their target price for the company from $11.00 to $14.00 in a research report on Wednesday, September 24th. Cantor Fitzgerald increased their price target on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Buy” and an average price target of $13.25.

Valley National Bancorp Company Profile

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.