Jupiter Topco LLC Invests $3.21 Million in Valley National Bancorp $VLY

Key Points

• Jupiter Topco LLC acquired 218,706 shares of Valley National Bancorp in the second quarter, valued at approximately $3.21 million. Institutional investors collectively own about 61% of the bank’s stock.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $16.10, above its reported opening price of $13.81.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year, although EPS of $0.30 slightly missed estimates. The company also declared a quarterly dividend of $0.11, representing a 3.2% annualized yield.

Jupiter Topco LLC acquired a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 218,706 shares of the company's stock, valued at approximately $3,205,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Valley National Bancorp during the second quarter valued at approximately $1,079,026,000. Marshall Wace LLP grew its stake in 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 worth $79,787,000 after acquiring an additional 6,217,716 shares during the period. Norges Bank purchased a new stake in Valley National Bancorp in the 4th quarter worth approximately $71,554,000. UBS Group AG raised its holdings in Valley National Bancorp by 404.7% in the 3rd quarter. UBS Group AG now owns 5,867,611 shares of the company's stock valued at $62,197,000 after acquiring an additional 4,704,971 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Valley National Bancorp in the 2nd quarter valued at $68,276,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the transaction, the chief accounting officer directly owned 76,116 shares of the company's stock, valued at $1,113,577.08. This represents a 25.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on VLY shares. Truist Financial raised their price target on Valley National Bancorp from $15.50 to $16.50 and gave the stock a "buy" rating in a research note on Friday, July 10th. UBS Group set a $17.00 price target on Valley National Bancorp in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Valley National Bancorp in a research note on Monday, July 6th. Keefe, Bruyette & Woods increased their price objective 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. Finally, Hovde Group boosted their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $16.10.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $13.81 on Thursday. Valley National Bancorp has a twelve month low of $9.64 and a twelve month high of $15.20. The stock has a market capitalization of $7.63 billion, a P/E ratio of 11.70 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The business's fifty day moving average price is $14.52 and its 200 day moving average price is $13.62.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (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 business had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same period last year, the company posted $0.23 EPS. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, research analysts anticipate that Valley National Bancorp will post 1.27 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.2%. Valley National Bancorp's payout ratio is 37.29%.

About Valley National Bancorp

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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