Valley National Bancorp (NASDAQ: VLY) Sees Strong Short-Term Interest Growth


Valley National Bancorp (NASDAQ: VLY) saw significant growth in short-term interest during the month of September. As of September 15, there was short interest totaling 6,790,000 shares, an increase of 20.8% over the August 31 total of 5,620,000 shares. Based on an average daily volume of 2,100,000 shares, the short-term interest rate is currently 3.2 days. Currently 1.7% of the company’s shares are sold short.

A number of hedge funds have recently increased or reduced their holdings in VLY. The Ohio State Employee Retirement System increased its holdings of Valley National Bancorp shares by 6.3% in the first quarter. The Ohio Public Employee Retirement System now owns 11,780 shares of the company valued at $ 162,000 after purchasing an additional 700 shares in the last quarter. Shell Asset Management Co. increased its stake in Valley National Bancorp by 5.7% in the second quarter. Shell Asset Management Co. now owns 17,172 shares of the company valued at $ 231,000 after acquiring an additional 920 shares in the last quarter. Prestige Wealth Management Group LLC increased its stake in Valley National Bancorp by 13.5% in the 1st quarter. Prestige Wealth Management Group LLC now owns 8,432 shares of the company valued at $ 116,000 after purchasing an additional 1,000 shares during the period. The Toronto Dominion Bank increased its position in Valley National Bancorp by 20.9% in the second quarter. The Toronto Dominion Bank now owns 6,919 shares of the company valued at $ 93,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Paragon Capital Management Ltd strengthened its position in Valley National Bancorp shares by 21.4% during the second quarter. Paragon Capital Management Ltd now owns 13,711 shares of the company valued at $ 184,000 after purchasing an additional 2,416 shares in the last quarter. 63.20% of the shares are held by institutional investors and hedge funds.

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VLY shares opened at $ 13.62 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.99, and a debt ratio of 0.43. Valley National Bancorp has a 12-month low of $ 7.20 and a 12-month high of $ 14.74. The company has a market cap of $ 5.53 billion, a PE ratio of 12.73 and a beta of 1.28. The stock has a 50-day moving average price of $ 12.94 and a 200-day moving average price of $ 13.45.

Valley National Bancorp (NASDAQ: VLY) last released its quarterly earnings data on Wednesday, July 21. The company reported earnings per share of $ 0.30 for the quarter, hitting the Zacks consensus estimate of $ 0.30. The company posted revenue of $ 344.03 million in the quarter, compared to $ 337.63 million expected by analysts. Valley National Bancorp reported a return on equity of 10.40% and a net margin of 29.44%. The company’s quarterly revenue grew 5.1% year-over-year. In the same quarter of last year, the company achieved EPS of $ 0.23. As a group, analysts predict that Valley National Bancorp will post earnings per share of 1.18 for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 1. Shareholders of record on Wednesday September 15 received a dividend of $ 0.11. The ex-dividend date was Tuesday, September 14. This represents a dividend of $ 0.44 on an annualized basis and a return of 3.23%. Valley National Bancorp’s dividend payout ratio is currently 45.83%.

A number of research companies have weighed in on VLY. Stephens raised his target price on Valley National Bancorp shares from $ 15.00 to $ 15.50 and gave the company an “overweight” rating in a research report released Monday. Hovde Group upgraded Valley National Bancorp from a “market performance” rating to an “outperformance” rating in a research report released on Friday, September 17th. Citigroup upgraded Valley National Bancorp from a “sell” rating to a “neutral” rating and raised its price target for the company from $ 12.00 to $ 14.00 in a research note on Friday, September 24. Ultimately, Zacks investment research reduced Valley National Bancorp from a “buy” rating to a “conservation” rating in a research report released Friday, October 1. Four investment analysts gave the stock a conservation rating and three gave the company’s stock a buy rating. According to, the company currently has a consensus rating of “Hold” and an average price target of $ 13.21.

About Valley National Bancorp

Valley National Bancorp is a banking holding company providing retail and commercial banking services. It operates through the following segments: consumer credit; Business loans; Investment management; and Corporate and other adjustments. The consumer loans segment includes residential mortgages, auto loans and home equity loans, as well as wealth management and insurance services.

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