Spire Wealth Management Acquires New Position in Valley National Bancorp (NASDAQ:VLY)

Spire Wealth Management bought a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 29,618 shares of the company's stock, valued at approximately $263,000.

A number of other hedge funds also recently added to or reduced their stakes in VLY. Vanguard Group Inc. grew its position in shares of Valley National Bancorp by 9.2% during the fourth quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock worth $453,020,000 after buying an additional 4,204,651 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Valley National Bancorp by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company's stock worth $259,692,000 after acquiring an additional 2,810,005 shares during the last quarter. Wellington Management Group LLP grew its holdings in Valley National Bancorp by 90.2% during the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock worth $154,558,000 after acquiring an additional 8,088,466 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Valley National Bancorp by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock valued at $107,122,000 after purchasing an additional 656,200 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Valley National Bancorp in the 4th quarter valued at approximately $74,558,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Stock Down 0.1%

Shares of NASDAQ:VLY opened at $8.96 on Monday. Valley National Bancorp has a 1 year low of $6.56 and a 1 year high of $11.10. The stock has a 50-day simple moving average of $8.79 and a 200-day simple moving average of $9.08. The stock has a market capitalization of $5.02 billion, a P/E ratio of 12.99 and a beta of 1.06. 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 announced its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $479.67 million for the quarter, compared to analyst estimates of $483.98 million. Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. During the same quarter in the prior year, the business earned $0.19 earnings per share. Equities analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.91%. The ex-dividend date of this dividend is Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is 63.77%.

Analyst Ratings Changes

VLY has been the topic of several recent analyst reports. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a report on Monday, March 24th. Truist Financial began coverage on Valley National Bancorp in a research report on Tuesday, May 13th. They set a "hold" rating and a $10.00 price objective for the company. Wall Street Zen cut Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Jefferies Financial Group started 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. Finally, Barclays cut their price objective on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.55.

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.

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