Bank of America Corp DE Takes $53.21 Million Position in Valley National Bancorp $VLY

Key Points

• Bank of America purchased 3.63 million Valley National Bancorp shares worth approximately $53.21 million, giving it a 0.66% stake. Institutional investors collectively own about 61% of the company.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year, but earnings per share of $0.30 narrowly missed the $0.31 analyst consensus.
• The company declared a quarterly dividend of $0.11 per share, equivalent to a $0.44 annualized payout and a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $16.36.

Bank of America Corp DE purchased a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,632,089 shares of the company's stock, valued at approximately $53,210,000. Bank of America Corp DE owned approximately 0.66% of Valley National Bancorp at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Compass Financial Management LLC bought a new position in shares of Valley National Bancorp during the 2nd quarter worth approximately $28,000. Cedar Mountain Advisors LLC acquired a new stake in Valley National Bancorp in the first quarter valued at approximately $26,000. Assetmark Inc. boosted its stake in 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 acquiring an additional 1,189 shares in the last quarter. Root Financial Partners LLC grew its holdings in Valley National Bancorp by 127.3% in the first quarter. Root Financial Partners LLC now owns 3,976 shares of the company's stock worth $49,000 after purchasing an additional 2,227 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Valley National Bancorp in the fourth quarter worth $60,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $13.59 on Monday. The company has a market capitalization of $7.51 billion, a PE ratio of 11.52 and a beta of 1.03. 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 company's fifty day moving average price is $14.31 and its 200 day moving average price is $13.67. Valley National Bancorp has a 1 year low of $9.64 and a 1 year high of $15.20.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The firm had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. During the same quarter last year, the company posted $0.23 EPS. The company's revenue was up 13.3% on a year-over-year basis. On average, research analysts predict that Valley National Bancorp will post 1.28 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is presently 37.29%.

Wall Street Analyst Weigh In

VLY has been the topic of several recent analyst reports. Morgan Stanley upped their target price on Valley National Bancorp from $16.00 to $17.00 and gave the company an "equal weight" rating in a research report on Tuesday, September 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. TD Cowen restated a "buy" rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Royal Bank Of Canada restated a "buy" rating on shares of Valley National Bancorp in a report on Wednesday, August 26th. Finally, Truist Financial increased their price objective on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a "buy" rating in a research report on Friday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Valley National Bancorp currently has an average rating of "Moderate Buy" and an average price target of $16.36.

Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and financial services to consumers, businesses, commercial real estate clients and municipalities.

Valley National Bank offers deposit accounts, consumer and business lending, commercial and industrial loans, commercial real estate financing, residential mortgages, home equity products, and treasury management services.

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