Pallas Capital Advisors LLC Acquires New Position in Valley National Bancorp (NASDAQ:VLY)

Pallas Capital Advisors LLC purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 51,268 shares of the company's stock, valued at approximately $456,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in VLY. Farther Finance Advisors LLC lifted its stake in Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after purchasing an additional 2,896 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Valley National Bancorp in the first quarter valued at approximately $32,286,000. UMB Bank n.a. lifted its position in shares of Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock valued at $50,000 after buying an additional 3,828 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $209,000. Finally, Breakwater Capital Group acquired a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $135,000. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY traded down $0.39 on Friday, reaching $8.53. 12,035,148 shares of the company's stock were exchanged, compared to its average volume of 7,634,873. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The company has a fifty day moving average of $8.67 and a 200-day moving average of $9.23. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 12.36 and a beta of 1.06. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46.

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

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Friday, June 13th. Valley National Bancorp's payout ratio is currently 63.77%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on VLY shares. Wall Street Zen downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. Barclays cut their target price on shares of 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. Jefferies Financial Group assumed coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target on the stock. Truist Financial initiated coverage on shares of Valley National Bancorp in a report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 price target on the stock. Finally, Piper Sandler upgraded 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $10.55.

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.