Martingale Asset Management L P Purchases 63,483 Shares of Valley National Bancorp $VLY

Key Points

• Martingale Asset Management L P increased its stake in Valley National Bancorp by 211.5% in the first quarter, acquiring 63,483 shares and owning a total of 93,504 shares valued at $831,000.
• Valley National Bancorp reported a quarterly earnings per share of $0.23, surpassing analysts' expectations of $0.22 and exhibiting a net margin of 12.87%.
• The company declared a $0.11 quarterly dividend with an annualized yield of 4.3%, paid to stockholders of record on September 15th.

Martingale Asset Management L P increased its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 211.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,504 shares of the company's stock after purchasing an additional 63,483 shares during the period. Martingale Asset Management L P's holdings in Valley National Bancorp were worth $831,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Valley National Bancorp during the first quarter worth $35,000. Farther Finance Advisors LLC raised its stake in Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after purchasing an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Valley National Bancorp in the 4th quarter valued at about $39,000. Brown Lisle Cummings Inc. acquired a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $39,000. Finally, Optiver Holding B.V. grew its position in shares of Valley National Bancorp by 80.9% during the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after purchasing an additional 2,271 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a research note on Friday, July 25th. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. Royal Bank Of Canada increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.95.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded up $0.01 during mid-day trading on Friday, reaching $10.46. The company had a trading volume of 6,584,612 shares, compared to its average volume of 7,787,503. The business has a fifty day simple moving average of $9.56 and a 200 day simple moving average of $9.10. The company has a market cap of $5.85 billion, a P/E ratio of 13.41 and a beta of 1.09. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week 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.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The firm had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same period last year, the company earned $0.13 earnings per share. The business's quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current 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 paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's payout ratio is currently 56.41%.

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.