Pallas Capital Advisors LLC Purchases New Stake in Valley National Bancorp (NASDAQ:VLY)

Pallas Capital Advisors LLC bought a new stake in Valley National Bancorp (NASDAQ:VLY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 51,268 shares of the company's stock, valued at approximately $456,000.

Several other hedge funds have also modified their holdings of the stock. Balyasny Asset Management L.P. bought a new stake in shares of Valley National Bancorp in the fourth quarter worth $74,558,000. Wellington Management Group LLP increased its stake in shares of Valley National Bancorp by 90.2% in the fourth quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock worth $154,558,000 after buying an additional 8,088,466 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Valley National Bancorp by 9.2% in the fourth quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock worth $453,020,000 after buying an additional 4,204,651 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Valley National Bancorp in the first quarter worth $32,286,000. Finally, Norges Bank bought a new stake in shares of Valley National Bancorp in the fourth quarter worth $31,490,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective for the company in a report on Monday, March 24th. Truist Financial started coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They issued a "hold" rating and a $10.00 target price for the company. Barclays decreased their target price on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Wall Street Zen downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Finally, Jefferies Financial Group started coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, Valley National Bancorp has a consensus rating of "Hold" and an average target price of $10.55.

Valley National Bancorp Trading Up 1.2%

Valley National Bancorp stock traded up $0.10 during trading hours on Monday, reaching $8.63. 8,270,462 shares of the company's stock traded hands, compared to its average volume of 7,662,471. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 12.51 and a beta of 1.06. The firm's 50 day moving average is $8.69 and its 200-day moving average is $9.18. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The company had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period last year, the company earned $0.19 earnings per share. On average, analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.44 annualized dividend and a dividend yield of 5.10%. Valley National Bancorp's dividend payout ratio is presently 63.77%.

Valley National Bancorp 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.