Spire Wealth Management Acquires Shares of 29,618 Valley National Bancorp (NASDAQ:VLY)

Spire Wealth Management purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 29,618 shares of the company's stock, valued at approximately $263,000.

A number of other large investors have also made changes to their positions in VLY. Norges Bank bought a new position in shares of Valley National Bancorp in the fourth quarter worth about $31,490,000. Xponance Inc. raised its stake in Valley National Bancorp by 13.7% during the 4th quarter. Xponance Inc. now owns 66,588 shares of the company's stock worth $603,000 after acquiring an additional 8,032 shares during the period. Bank of New York Mellon Corp raised its stake in Valley National Bancorp by 27.8% during the 4th quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock worth $55,278,000 after acquiring an additional 1,327,829 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Valley National Bancorp by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock valued at $68,966,000 after purchasing an additional 640,933 shares in the last quarter. Finally, Trexquant Investment LP boosted its position in shares of Valley National Bancorp by 17.5% in the fourth quarter. Trexquant Investment LP now owns 657,448 shares of the company's stock worth $5,956,000 after purchasing an additional 97,921 shares during the period. 61.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Barclays decreased 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 research report on Tuesday, April 8th. Wall Street Zen downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price for the company in a research report on Monday, March 24th. Truist Financial began coverage on Valley National Bancorp in a report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $10.64.

Valley National Bancorp Trading Up 5.0%

NASDAQ:VLY traded up $0.47 during mid-day trading on Thursday, hitting $9.81. 11,934,145 shares of the stock traded hands, compared to its average volume of 7,952,435. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 52 week low of $6.56 and a 52 week high of $11.10. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 14.21 and a beta of 1.06. The firm's 50 day moving average is $8.83 and its two-hundred day moving average is $9.07.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. The business had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. During the same period in the prior year, the company posted $0.19 EPS. On average, equities research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.49%. Valley National Bancorp's payout ratio is 63.77%.

Valley National Bancorp Profile

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.