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Goldman Sachs Group Inc. Has $90.81 Million Stake in Valley National Bancorp $VLY

Valley National Bancorp logo with Finance background

Key Points

  • Goldman Sachs Group Inc. increased its stake in Valley National Bancorp by 43.4% during the 1st quarter, owning approximately 10.2 million shares worth $90.81 million.
  • Valley National Bancorp reported $0.23 earnings per share for the quarter, surpassing the consensus estimate by $0.01, with a 9.3% year-over-year revenue growth.
  • The company also announced a quarterly $0.11 dividend, yielding 4.1%, set to be paid on October 1st.
  • MarketBeat previews the top five stocks to own by November 1st.

Goldman Sachs Group Inc. increased its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 43.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,214,867 shares of the company's stock after purchasing an additional 3,091,169 shares during the quarter. Goldman Sachs Group Inc. owned about 1.82% of Valley National Bancorp worth $90,810,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VLY. BI Asset Management Fondsmaeglerselskab A S bought a new position in Valley National Bancorp in the first quarter valued at approximately $35,000. Farther Finance Advisors LLC boosted its stake 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 valued at $38,000 after acquiring an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Valley National Bancorp in the fourth quarter valued at approximately $39,000. Brown Lisle Cummings Inc. bought a new position in Valley National Bancorp in the first quarter valued at approximately $39,000. Finally, UMB Bank n.a. boosted 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 valued at $50,000 after acquiring an additional 3,828 shares during the last quarter. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Trading Up 3.5%

VLY traded up $0.38 during mid-day trading on Thursday, hitting $11.10. The stock had a trading volume of 10,373,965 shares, compared to its average volume of 7,539,581. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $11.12. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The stock's fifty day simple moving average is $9.95 and its 200-day simple moving average is $9.19. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 14.23 and a beta of 1.13.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same period last year, the business posted $0.13 earnings per share. The firm's quarterly revenue was up 9.3% on a year-over-year basis. As a group, research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is presently 56.41%.

Analyst Ratings Changes

A number of brokerages have issued reports on VLY. Cantor Fitzgerald began coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $12.00 price objective on the stock. 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. Morgan Stanley raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Tuesday, September 9th. Truist Financial raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Finally, Hovde Group began coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They issued an "outperform" rating and a $12.50 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.85.

View Our Latest Stock Analysis on Valley National Bancorp

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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Institutional Ownership by Quarter for Valley National Bancorp (NASDAQ:VLY)

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