CW Advisors LLC Purchases New Shares in Valley National Bancorp $VLY

Key Points

• CW Advisors LLC purchased a new stake of 65,594 shares in Valley National Bancorp valued at approximately $592,000 in the first quarter.
• Valley National Bancorp reported earnings of $0.23 per share for the quarter, surpassing the consensus estimate of $0.22, while revenues grew 9.3% year-over-year.
• The company announced a quarterly dividend of $0.11 per share, translating to an annual yield of 4.2%, with a payout ratio of 56.41%.

CW Advisors LLC purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 65,594 shares of the company's stock, valued at approximately $592,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VLY. Balyasny Asset Management L.P. acquired a new stake in Valley National Bancorp during the 4th quarter valued at $74,558,000. Wedge Capital Management L L P NC acquired a new stake in shares of Valley National Bancorp in the 1st quarter valued at $32,286,000. Soros Fund Management LLC acquired a new stake in shares of Valley National Bancorp in the 4th quarter valued at $27,180,000. Nuveen LLC acquired a new stake in shares of Valley National Bancorp in the 1st quarter valued at $15,890,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Valley National Bancorp by 4.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after buying an additional 1,377,676 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Stock Performance

VLY stock opened at $10.41 on Wednesday. The business's 50-day moving average price is $9.45 and its two-hundred day moving average price is $9.09. 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 firm has a market cap of $5.83 billion, a PE ratio of 13.35 and a beta of 1.09. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company's revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.13 earnings per share. As a group, research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date is Monday, September 15th. This represents a $0.44 annualized dividend and a yield of 4.2%. Valley National Bancorp's payout ratio is currently 56.41%.

Analysts Set New Price Targets

Several research firms have recently commented on VLY. Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research note on Friday, July 25th. Jefferies Financial Group began coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price for the company. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Valley National Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $10.95.

Valley National Bancorp Company Profile

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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