Short Interest in Valley National Bancorp (VLY) Decreases By 18.0%
Valley National Bancorp (NYSE:VLY) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 14,963,758 shares, a decline of 18.0% from the August 15th total of 18,247,751 shares. Based on an average daily trading volume, of 1,322,928 shares, the short-interest ratio is currently 11.3 days. Approximately 6.1% of the shares of the company are short sold.
Several brokerages have recently issued reports on VLY. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, September 1st. Piper Jaffray Cos. cut Valley National Bancorp from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $9.50 in a report on Monday, August 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Valley National Bancorp has an average rating of “Hold” and an average target price of $10.00.
Shares of Valley National Bancorp (NYSE:VLY) opened at 9.39 on Monday. The company’s 50-day moving average price is $9.36 and its 200 day moving average price is $9.35. The company has a market cap of $2.39 billion, a PE ratio of 21.54 and a beta of 0.93. Valley National Bancorp has a one year low of $8.31 and a one year high of $11.24.
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Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Valley National Bancorp had a return on equity of 7.26% and a net margin of 14.03%. The business earned $175.72 million during the quarter, compared to analyst estimates of $176.54 million. During the same period last year, the company earned $0.14 EPS. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities analysts forecast that Valley National Bancorp will post $0.62 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend is Tuesday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 97.78%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. TSP Capital Management Group LLC raised its position in Valley National Bancorp by 0.3% in the second quarter. TSP Capital Management Group LLC now owns 63,050 shares of the financial services provider’s stock valued at $575,000 after buying an additional 200 shares during the period. Neuberger Berman Group LLC raised its position in Valley National Bancorp by 0.6% in the second quarter. Neuberger Berman Group LLC now owns 35,513 shares of the financial services provider’s stock valued at $324,000 after buying an additional 214 shares during the period. Hsbc Holdings PLC raised its position in Valley National Bancorp by 1.0% in the second quarter. Hsbc Holdings PLC now owns 22,272 shares of the financial services provider’s stock valued at $203,000 after buying an additional 231 shares during the period. Public Employees Retirement System of Ohio raised its position in Valley National Bancorp by 1.8% in the second quarter. Public Employees Retirement System of Ohio now owns 16,287 shares of the financial services provider’s stock valued at $149,000 after buying an additional 285 shares during the period. Finally, Arizona State Retirement System raised its position in Valley National Bancorp by 0.4% in the first quarter. Arizona State Retirement System now owns 106,331 shares of the financial services provider’s stock valued at $1,014,000 after buying an additional 400 shares during the period. 54.12% of the stock is owned by hedge funds and other institutional investors.
Valley National Bancorp Company Profile
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.
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