Rafferty Asset Management LLC Grows Position in Valley National Bancorp $VLY

Key Points

• Rafferty Asset Management LLC increased its stake in Valley National Bancorp by 5.2%, acquiring an additional 63,398 shares, bringing their total holdings to 1,274,888 shares valued at approximately $11.3 million.
• Valley National Bancorp reported a quarterly earnings per share (EPS) of $0.23, exceeding the consensus estimate of $0.22, with revenue increasing by 9.3% year-over-year.
• The company declared a quarterly dividend of $0.11 per share, with a yield of 4.2%, set to be paid out on October 1st to shareholders of record as of September 15th.

Rafferty Asset Management LLC raised its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,274,888 shares of the company's stock after purchasing an additional 63,398 shares during the quarter. Rafferty Asset Management LLC owned 0.23% of Valley National Bancorp worth $11,334,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. State of Michigan Retirement System lifted its holdings in shares of Valley National Bancorp by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company's stock valued at $1,011,000 after buying an additional 1,200 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of Valley National Bancorp by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company's stock valued at $1,183,000 after buying an additional 1,300 shares during the period. Forum Financial Management LP lifted its holdings in shares of Valley National Bancorp by 7.8% in the 1st quarter. Forum Financial Management LP now owns 19,142 shares of the company's stock valued at $170,000 after buying an additional 1,381 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Valley National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock valued at $494,000 after buying an additional 1,465 shares during the period. Finally, Linden Thomas Advisory Services LLC lifted its holdings in shares of Valley National Bancorp by 2.8% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 57,456 shares of the company's stock valued at $511,000 after buying an additional 1,576 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Price Performance

VLY stock traded up $0.01 during midday trading on Monday, hitting $10.46. 6,584,612 shares of the stock were exchanged, compared to its average volume of 7,650,314. The stock's 50-day moving average price is $9.56 and its 200-day moving average price is $9.09. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 13.41 and a beta of 1.13. 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 debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.Valley National Bancorp's revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 earnings per share. 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 declared 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 presently 56.41%.

Analyst Ratings Changes

VLY has been the subject of several recent analyst reports. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Jefferies Financial Group initiated coverage on Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target for the company. 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 report on Friday, July 25th. Finally, Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.95.

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.