Picton Mahoney Asset Management Purchases New Shares in Valley National Bancorp $VLY

Key Points

• Picton Mahoney Asset Management acquired a new stake of 588,434 shares in Valley National Bancorp valued at about $6.24 million, equal to roughly 0.11% of the company.
• Research firms have turned more bullish recently, with several upgrades and a consensus rating of "Moderate Buy" and an average price target of $14.40 (Morgan Stanley, RBC and UBS among the notable bulls).
• Valley reported quarterly EPS $0.31 (beating $0.29 est.) and revenue of $1.01 billion, and announced a quarterly dividend of $0.11 (annualized $0.44) implying a 3.5% yield.

Picton Mahoney Asset Management acquired a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 588,434 shares of the company's stock, valued at approximately $6,240,000. Picton Mahoney Asset Management owned approximately 0.11% of Valley National Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Valley National Bancorp by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company's stock valued at $2,508,000 after buying an additional 15,771 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Valley National Bancorp during the first quarter valued at approximately $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Valley National Bancorp by 21.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company's stock valued at $12,852,000 after acquiring an additional 255,870 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock worth $541,000 after acquiring an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Valley National Bancorp during the second quarter worth approximately $119,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Insider Buying and Selling

In other Valley National Bancorp news, Director Carlos J. Vazquez acquired 2,500 shares of the business's stock in a transaction that occurred on Tuesday, February 17th. The stock was purchased at an average cost of $13.45 per share, with a total value of $33,625.00. Following the transaction, the director owned 4,252 shares of the company's stock, valued at $57,189.40. This trade represents a 142.69% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.43% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on VLY shares. Royal Bank Of Canada raised their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, January 30th. Morgan Stanley raised their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an "overweight" rating in a research note on Monday. UBS Group initiated coverage on shares of Valley National Bancorp in a research note on Monday, December 15th. They set a "buy" rating and a $15.00 price objective for the company. Hovde Group increased their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, January 30th. Finally, National Bank Financial set a $16.00 target price on Valley National Bancorp in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.40.

Valley National Bancorp Price Performance

Shares of VLY stock opened at $12.58 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $6.99 billion, a PE ratio of 12.46 and a beta of 1.07. The firm's 50-day moving average is $12.55 and its two-hundred day moving average is $11.46. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $13.87.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $524.31 million. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The business's revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 EPS. Analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.44 annualized dividend and a yield of 3.5%. Valley National Bancorp's dividend payout ratio (DPR) is 43.56%.

Valley National Bancorp Company Profile

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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