Rafferty Asset Management LLC Has $11.33 Million Stake 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 increased its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 5.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Valley National Bancorp during the 1st quarter worth about $35,000. Farther Finance Advisors LLC lifted its position in Valley National Bancorp by 206.6% during the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after buying an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Valley National Bancorp during the 4th quarter worth about $39,000. Brown Lisle Cummings Inc. bought a new stake in Valley National Bancorp during the 1st quarter worth about $39,000. Finally, Optiver Holding B.V. lifted its position in 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 buying an additional 2,271 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $10.41 on Wednesday. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of 13.35 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50-day simple moving average of $9.62 and a 200 day simple moving average of $9.10. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $495.01 million for 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%.The company's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.13 EPS. On average, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

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 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%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on VLY shares. Morgan Stanley raised shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research report on Friday, July 25th. Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target on the stock. Finally, Royal Bank Of Canada boosted 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. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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.