Deutsche Bank AG acquired a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 512,384 shares of the company's stock, valued at approximately $7,506,000. Deutsche Bank AG owned about 0.09% of Valley National Bancorp at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in VLY. Geode Capital Management LLC raised its holdings in Valley National Bancorp by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company's stock worth $152,200,000 after purchasing an additional 247,651 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company's stock valued at $79,787,000 after buying an additional 6,217,716 shares in the last quarter. Norges Bank bought a new stake in shares of Valley National Bancorp in the 4th quarter valued at about $71,554,000. AQR Capital Management LLC grew its position in shares of Valley National Bancorp by 3.9% in the 4th quarter. AQR Capital Management LLC now owns 6,024,409 shares of the company's stock worth $70,365,000 after buying an additional 224,996 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Valley National Bancorp by 404.7% in the 3rd quarter. UBS Group AG now owns 5,867,611 shares of the company's stock worth $62,197,000 after buying an additional 4,704,971 shares during the last quarter. Institutional investors own 61.00% of the company's stock.
Insider Activity at Valley National Bancorp
In other news, CAO Mitchell L. Crandell sold 25,495 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares of the company's stock, valued at $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.06% of the company's stock.
Valley National Bancorp Stock Performance
VLY opened at $14.16 on Monday. The company has a market cap of $7.82 billion, a P/E ratio of 12.00 and a beta of 1.04. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm's 50-day moving average price is $14.57 and its 200-day moving average price is $13.59. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.30 EPS 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 company had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. During the same quarter last year, the business earned $0.23 earnings per share. The firm's revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current fiscal year.
Valley National Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid 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 payout ratio is presently 37.29%.
Analysts Set New Price Targets
A number of equities research analysts recently commented on VLY shares. Hovde Group increased their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a research report on Tuesday, May 26th. Cantor Fitzgerald lifted their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. Piper Sandler upped their price target on Valley National Bancorp from $16.00 to $16.50 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Finally, Morgan Stanley reiterated a "positive" rating on shares of Valley National Bancorp in a report on Monday, June 29th. Three equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.03.
Check Out Our Latest Stock Analysis on VLY
About Valley National Bancorp
(
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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