Algert Global LLC boosted its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 77.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,319,882 shares of the company's stock after purchasing an additional 577,440 shares during the quarter. Algert Global LLC owned about 0.24% of Valley National Bancorp worth $19,336,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Bank of America Corp DE grew its position in shares of Valley National Bancorp by 8.0% in the first quarter. Bank of America Corp DE now owns 3,919,652 shares of the company's stock valued at $48,133,000 after purchasing an additional 290,534 shares during the last quarter. World Investment Advisors lifted its position in shares of Valley National Bancorp by 141.7% during the 1st quarter. World Investment Advisors now owns 199,243 shares of the company's stock worth $2,447,000 after purchasing an additional 116,826 shares during the last quarter. First Trust Advisors LP boosted its stake in Valley National Bancorp by 6.0% during the 1st quarter. First Trust Advisors LP now owns 1,411,434 shares of the company's stock valued at $17,332,000 after purchasing an additional 80,308 shares during the period. Trillium Asset Management LLC bought a new stake in Valley National Bancorp during the 2nd quarter valued at approximately $4,298,000. Finally, Fifth Third Bancorp grew its holdings in Valley National Bancorp by 10,678.5% in the 1st quarter. Fifth Third Bancorp now owns 371,427 shares of the company's stock valued at $4,561,000 after buying an additional 367,981 shares during the last quarter. Institutional investors own 61.00% of the company's stock.
Insider Buying and Selling
In related news, CAO Mitchell L. Crandell sold 25,495 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares of the company's stock, valued at $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.06% of the stock is currently owned by corporate insiders.
Valley National Bancorp Trading Down 0.4%
Shares of VLY stock opened at $14.10 on Tuesday. The firm has a fifty day moving average of $14.57 and a 200-day moving average of $13.60. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 11.95 and a beta of 1.04. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The business had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the company earned $0.23 EPS. On average, equities research analysts forecast that Valley National Bancorp will post 1.28 earnings per share for the current fiscal year.
Valley National Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is 37.29%.
Wall Street Analyst Weigh In
VLY has been the topic of several research analyst reports. National Bank Financial set a $17.50 price objective on shares of Valley National Bancorp in a research note on Wednesday, July 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Valley National Bancorp in a research note on Monday, July 6th. Truist Financial increased their price target on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a "buy" rating in a report on Friday, July 10th. Barclays raised their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Finally, Piper Sandler boosted their price objective on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an "overweight" rating in a report on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Valley National Bancorp has a consensus rating of "Moderate Buy" and an average price target of $16.03.
Check Out Our Latest Stock Analysis on VLY
Valley National Bancorp Profile
(
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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