Valley National Bancorp (NASDAQ:VLY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 0.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,066,275 shares of the company's stock after selling 35,005 shares during the period. Bank of New York Mellon Corp owned about 1.08% of Valley National Bancorp worth $53,929,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in VLY. OneDigital Investment Advisors LLC grew its position in Valley National Bancorp by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock worth $152,000 after purchasing an additional 4,261 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Valley National Bancorp by 1.0% during the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock worth $9,787,000 after buying an additional 10,996 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of Valley National Bancorp during the first quarter worth about $652,000. Jaffetilchin Investment Partners LLC acquired a new position in Valley National Bancorp in the 1st quarter valued at about $784,000. Finally, Spire Wealth Management purchased a new stake in Valley National Bancorp during the 1st quarter valued at approximately $263,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock traded up $0.03 during trading on Wednesday, hitting $9.25. 8,691,867 shares of the company were exchanged, compared to its average volume of 9,311,386. Valley National Bancorp has a fifty-two week low of $7.18 and a fifty-two week high of $11.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm has a 50 day moving average price of $8.99 and a 200 day moving average price of $9.09. The stock has a market capitalization of $5.18 billion, a price-to-earnings ratio of 13.41 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share 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 analyst estimates of $483.98 million. Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. During the same period last year, the firm earned $0.19 earnings per share. On average, equities analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.76%. Valley National Bancorp's dividend payout ratio is currently 63.77%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a report on Monday, March 24th. Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. Truist Financial began coverage on shares of 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. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Finally, Wall Street Zen downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Valley National Bancorp currently has a consensus rating of "Hold" and an average target price of $10.73.

About Valley National Bancorp

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.