Revolve Wealth Partners LLC Invests $1.01 Million in Valley National Bancorp $VLY

Key Points

• Revolve Wealth Partners purchased 69,120 shares of Valley National Bancorp worth approximately $1.01 million during the second quarter. Institutional investors collectively own 61% of the company’s stock.
• Valley National Bancorp reported quarterly revenue of $560.74 million, up 13.3% year over year, though earnings per share of $0.30 slightly missed analysts’ $0.31 estimate.
• The bank declared a quarterly dividend of $0.11 per share, equivalent to a 3.0% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $16.03, above the reported share price of $14.65.

Revolve Wealth Partners LLC purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 69,120 shares of the company's stock, valued at approximately $1,013,000.

Several other institutional investors also recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in Valley National Bancorp by 5.7% in the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company's stock worth $234,000 after buying an additional 863 shares in the last quarter. Parallel Advisors LLC lifted its stake in Valley National Bancorp by 41.8% during the 1st quarter. Parallel Advisors LLC now owns 6,163 shares of the company's stock valued at $76,000 after acquiring an additional 1,816 shares during the period. Alpine Woods Capital Investors LLC purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at about $330,000. Cim Investment Management Inc. grew its stake in shares of Valley National Bancorp by 42.0% in the first quarter. Cim Investment Management Inc. now owns 29,485 shares of the company's stock worth $362,000 after acquiring an additional 8,728 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Valley National Bancorp by 8.0% during the first quarter. Bank of America Corp DE now owns 3,919,652 shares of the company's stock valued at $48,133,000 after purchasing an additional 290,534 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $14.65 on Tuesday. Valley National Bancorp has a one year low of $9.26 and a one year high of $15.20. The stock's fifty day moving average is $14.44 and its 200 day moving average is $13.44. The stock has a market cap of $8.10 billion, a P/E ratio of 12.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 EPS. Sell-side analysts anticipate that Valley National Bancorp will post 1.28 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp's payout ratio is presently 37.29%.

Insider Activity

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer directly owned 76,116 shares in the company, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. UBS Group set a $17.00 price objective on shares of Valley National Bancorp in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Morgan Stanley reissued a "positive" rating on shares of Valley National Bancorp in a report on Monday, June 29th. Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Finally, Truist Financial upped their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the company a "buy" rating in a research report on Friday, July 10th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $16.03.

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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