Goldman Sachs Group Inc. Increases Position in Valley National Bancorp $VLY

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.

Goldman Sachs Group Inc. raised its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 43.4% in the first 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 acquiring an additional 3,091,169 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.82% of Valley National Bancorp worth $90,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in VLY. Ameriprise Financial Inc. increased its position in shares of Valley National Bancorp by 2.8% during the fourth quarter. Ameriprise Financial Inc. now owns 684,453 shares of the company's stock worth $6,207,000 after purchasing an additional 18,372 shares in the last quarter. Deutsche Bank AG boosted its stake in Valley National Bancorp by 51.9% during the 4th quarter. Deutsche Bank AG now owns 430,420 shares of the company's stock worth $3,900,000 after purchasing an additional 147,001 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth $409,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Valley National Bancorp by 12.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 266,372 shares of the company's stock worth $2,413,000 after buying an additional 30,284 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Valley National Bancorp by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,481,711 shares of the company's stock valued at $13,424,000 after buying an additional 68,740 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Cantor Fitzgerald started coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They set an "overweight" rating and a $12.00 price objective for the company. Jefferies Financial Group started coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price on the stock. Truist Financial upped their price target on Valley National Bancorp from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Friday. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Finally, National Bankshares set a $13.50 price objective on Valley National Bancorp in a research note on Monday. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $11.85.

Valley National Bancorp Trading Down 1.3%

VLY stock traded down $0.14 during midday trading on Monday, hitting $10.65. 6,845,786 shares of the company's stock were exchanged, compared to its average volume of 7,236,781. Valley National Bancorp has a 1-year low of $7.48 and a 1-year 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 stock has a market capitalization of $5.96 billion, a PE ratio of 13.65 and a beta of 1.13. The business has a 50-day simple moving average of $9.88 and a two-hundred day simple moving average of $9.16.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to analysts' expectations 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 was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.13 EPS. On average, sell-side analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is 56.41%.

Valley National Bancorp 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.