BlackRock Inc. acquired a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 73,653,652 shares of the company's stock, valued at approximately $1,079,026,000. BlackRock Inc. owned approximately 13.29% of Valley National Bancorp as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in VLY. Cedar Mountain Advisors LLC bought a new stake in Valley National Bancorp during the 1st quarter valued at $26,000. Assetmark Inc. raised its position in shares of Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after purchasing an additional 1,189 shares during the period. Los Angeles Capital Management LLC acquired a new position in Valley National Bancorp during the 4th quarter valued at $26,000. First Horizon Corp grew its position in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company's stock worth $38,000 after buying an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at $39,000. 61.00% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.06% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
VLY has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Valley National Bancorp in a research note on Monday, July 6th. Piper Sandler lifted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an "overweight" rating in a report on Friday, June 26th. Morgan Stanley reiterated a "positive" rating on shares of Valley National Bancorp in a research note on Monday, June 29th. TD Cowen restated a "buy" rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Finally, Cantor Fitzgerald raised their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $16.03.
Read Our Latest Stock Report on Valley National Bancorp
Valley National Bancorp Stock Performance
Shares of VLY opened at $14.16 on Friday. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20. The stock's 50-day simple moving average is $14.57 and its 200 day simple moving average is $13.59. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 12.00 and a beta of 1.04.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). The firm had revenue of $560.74 million during the quarter, compared to analysts' expectations of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 earnings per share. Research analysts forecast that Valley National Bancorp will post 1.28 EPS for the current fiscal year.
Valley National Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.11 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. Valley National Bancorp's payout ratio is presently 37.29%.
Valley National Bancorp Company Profile
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Free Report)
Valley National Bancorp NASDAQ: VLY is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.
Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.
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