Northern Trust Corp Lowers Holdings in Valley National Bancorp $VLY

Key Points

• Northern Trust Corp reduced its stake in Valley National Bancorp by 1.4%, selling 80,456 shares and holding approximately 5.7 million shares valued at about $50.7 million.
• Valley National Bancorp has announced a quarterly dividend of $0.11 per share, yielding 4.2%, with the dividend payable on October 1st to investors of record.
• Analyst ratings for Valley National Bancorp show a mix of evaluations, with six analysts rating it as a Buy and four as Hold, reflecting a general sentiment of a Moderate Buy with an average target price of $10.95.

Northern Trust Corp lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,708,471 shares of the company's stock after selling 80,456 shares during the quarter. Northern Trust Corp owned approximately 1.02% of Valley National Bancorp worth $50,748,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Valley National Bancorp by 4.8% during the first quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after purchasing an additional 1,377,676 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at approximately $74,558,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Valley National Bancorp by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company's stock valued at $69,494,000 after purchasing an additional 204,942 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Valley National Bancorp by 15.2% during the first quarter. Victory Capital Management Inc. now owns 7,155,871 shares of the company's stock valued at $63,616,000 after purchasing an additional 944,340 shares during the period. Finally, Wedge Capital Management L L P NC purchased a new stake in shares of Valley National Bancorp during the first quarter valued at approximately $32,286,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Down 0.5%

Valley National Bancorp stock traded down $0.05 on Tuesday, hitting $10.41. 8,497,901 shares of the stock traded hands, compared to its average volume of 7,271,339. 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 firm has a market cap of $5.83 billion, a P/E ratio of 13.35 and a beta of 1.13. The business's fifty day simple moving average is $9.62 and its 200 day simple moving average is $9.10. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company's revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.13 earnings per share. As a group, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a yield of 4.2%. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

Analyst Ratings Changes

A number of analysts recently commented on VLY shares. Jefferies Financial Group started coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target for the company. Royal Bank Of Canada raised their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a research note on Friday, July 25th. Finally, Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $10.95.

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.