Burkehill Global Management LP cut its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 43.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,300,000 shares of the company's stock after selling 1,000,000 shares during the period. Burkehill Global Management LP owned about 0.23% of Valley National Bancorp worth $11,557,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in Valley National Bancorp by 206.6% in the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after acquiring an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Valley National Bancorp in the fourth quarter worth $39,000. Brown Lisle Cummings Inc. bought a new stake in Valley National Bancorp in the first quarter worth $39,000. Optiver Holding B.V. lifted its stake in Valley National Bancorp by 80.9% in the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after purchasing an additional 2,271 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock worth $50,000 after purchasing an additional 3,828 shares during the last quarter. 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 $9.40 on Friday. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.10. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average price of $9.17 and a 200-day moving average price of $9.11. The company has a market cap of $5.26 billion, a price-to-earnings ratio of 12.05 and a beta of 1.09.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company had revenue of $495.01 million for the quarter, compared to analysts' expectations of $495.79 million. During the same quarter in the previous year, the company earned $0.13 earnings per share. Valley National Bancorp's quarterly revenue was up 9.3% on a year-over-year basis. As a group, equities analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.
Valley National Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.7%. Valley National Bancorp's payout ratio is currently 56.41%.
Analyst Upgrades and Downgrades
VLY has been the subject of several recent research reports. Royal Bank Of Canada boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Morgan Stanley raised 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. Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a research note on Friday, July 25th. Finally, Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.95.
Check Out Our Latest Research Report on VLY
About Valley National Bancorp
(
Free Report)
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.
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