Ieq Capital LLC Increases Stock Holdings in Valley National Bancorp $VLY

Key Points

• Ieq Capital LLC significantly increased its holdings in Valley National Bancorp by purchasing 389,779 shares, bringing its total ownership to 422,020 shares, valued at approximately $3.75 million.
• Multiple institutional investors, including Price T Rowe Associates and Northern Trust Corp, have also boosted their positions in Valley National Bancorp, which is currently owned 61% by institutional investors.
• Valley National Bancorp announced a quarterly dividend of $0.11 per share, representing an annual yield of 4.2%, scheduled for payment on October 1st.

Ieq Capital LLC increased its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 1,209.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 422,020 shares of the company's stock after buying an additional 389,779 shares during the quarter. Ieq Capital LLC owned 0.08% of Valley National Bancorp worth $3,752,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLY. Balyasny Asset Management L.P. purchased a new position in shares of Valley National Bancorp in the 4th quarter worth about $74,558,000. Wedge Capital Management L L P NC purchased a new position in shares of Valley National Bancorp in the 1st quarter worth about $32,286,000. Nuveen LLC purchased a new position in shares of Valley National Bancorp in the 1st quarter worth about $15,890,000. Dimensional Fund Advisors LP boosted its holdings 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 worth $267,054,000 after buying an additional 1,377,676 shares during the last quarter. Finally, Algert Global LLC boosted its holdings in shares of Valley National Bancorp by 1,593.5% in the 1st quarter. Algert Global LLC now owns 1,380,089 shares of the company's stock worth $12,269,000 after buying an additional 1,298,597 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock traded up $0.14 on Thursday, reaching $10.65. The stock had a trading volume of 6,898,126 shares, compared to its average volume of 7,389,524. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.10. The company has a market cap of $5.96 billion, a P/E ratio of 13.65 and a beta of 1.13. 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 business's 50 day moving average is $9.69 and its two-hundred day moving average is $9.12.

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, 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 firm had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The company's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio is presently 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.