Jaffetilchin Investment Partners LLC Takes $784,000 Position in Valley National Bancorp (NASDAQ:VLY)

Jaffetilchin Investment Partners LLC purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 88,168 shares of the company's stock, valued at approximately $784,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Valley National Bancorp by 9.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock valued at $104,000 after buying an additional 1,002 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Valley National Bancorp by 2.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company's stock valued at $406,000 after buying an additional 1,024 shares in the last quarter. United Services Automobile Association boosted its holdings in shares of Valley National Bancorp by 3.7% in the 4th quarter. United Services Automobile Association now owns 28,702 shares of the company's stock valued at $260,000 after buying an additional 1,029 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Valley National Bancorp by 2.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company's stock valued at $436,000 after buying an additional 1,046 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Valley National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock valued at $494,000 after buying an additional 1,465 shares in the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

Valley National Bancorp stock traded down $0.01 during trading hours on Friday, reaching $8.96. 13,883,819 shares of the stock were exchanged, compared to its average volume of 7,827,561. The stock has a market cap of $5.02 billion, a P/E ratio of 12.99 and a beta of 1.06. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a 52-week low of $6.56 and a 52-week high of $11.10. The firm's 50 day moving average is $8.79 and its 200 day moving average is $9.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The firm had revenue of $479.67 million for the quarter, compared to analysts' expectations of $483.98 million. Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. During the same quarter in the previous year, the company posted $0.19 EPS. Analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.91%. Valley National Bancorp's payout ratio is currently 63.77%.

Wall Street Analyst Weigh In

VLY has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price for the company. Truist Financial assumed coverage on shares of Valley National Bancorp in a report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 target price for the company. Wall Street Zen downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. Barclays reduced their price target on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Finally, Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target for the company in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of "Hold" and an average target price of $10.55.

About Valley National Bancorp

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.