Merit Financial Group LLC Makes New Investment in Valley National Bancorp (NASDAQ:VLY)

Merit Financial Group LLC purchased a new stake in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,223 shares of the company's stock, valued at approximately $260,000.

Several other large investors have also modified their holdings of the business. Point72 Hong Kong Ltd acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $39,000. Optiver Holding B.V. boosted its position in Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after acquiring an additional 2,271 shares during the last quarter. Sapient Capital LLC acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $103,000. CreativeOne Wealth LLC acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $102,000. Finally, Financial Engines Advisors L.L.C. acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $104,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VLY. Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target on the stock. Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a research note on Monday, March 24th. Barclays cut their price target on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Truist Financial began coverage on shares of Valley National Bancorp in a research note on Tuesday, May 13th. They set a "hold" rating and a $10.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $10.55.

Valley National Bancorp Stock Down 4.4%

Valley National Bancorp stock traded down $0.39 during midday trading on Friday, hitting $8.53. 12,035,148 shares of the stock were exchanged, compared to its average volume of 7,659,994. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The firm has a market cap of $4.78 billion, a P/E ratio of 12.36 and a beta of 1.06. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50 day moving average price of $8.68 and a two-hundred day moving average price of $9.21.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The firm had revenue of $479.67 million for the quarter, compared to analysts' expectations of $483.98 million. During the same period last year, the firm earned $0.19 EPS. On average, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.16%. The ex-dividend date is Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is 63.77%.

Valley National Bancorp Company 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.