UBS Group AG Has $53.46 Million Stake in Valley National Bancorp $VLY

Key Points

• UBS Group AG cut its stake in Valley National Bancorp by 22% to 4,577,301 shares (about $53.46 million), representing roughly 0.82% of the company at quarter-end.
• Research firms are broadly positive—several raised targets to about $15–$17—and the stock carries a consensus rating of "Moderate Buy" with an average target of $15.10.
• Valley National recently beat estimates with $0.29 EPS (vs. $0.27 expected) and $540.36M revenue, and pays a quarterly dividend of $0.11 (annualized yield ~3.2%).

UBS Group AG decreased its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 22.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,577,301 shares of the company's stock after selling 1,290,310 shares during the quarter. UBS Group AG owned about 0.82% of Valley National Bancorp worth $53,463,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of VLY. Ritholtz Wealth Management grew its position in shares of Valley National Bancorp by 5.6% during the 4th quarter. Ritholtz Wealth Management now owns 16,652 shares of the company's stock worth $194,000 after buying an additional 888 shares during the period. Northwestern Mutual Investment Management Company LLC grew its position in shares of Valley National Bancorp by 0.9% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company's stock worth $1,137,000 after buying an additional 951 shares during the period. First Horizon Corp grew its position in shares of Valley National Bancorp by 52.5% during the 4th quarter. First Horizon Corp now owns 3,219 shares of the company's stock worth $38,000 after buying an additional 1,108 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Valley National Bancorp by 0.3% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 366,797 shares of the company's stock worth $3,881,000 after buying an additional 1,192 shares during the period. Finally, Allworth Financial LP grew its position in shares of Valley National Bancorp by 2.0% during the 3rd quarter. Allworth Financial LP now owns 59,736 shares of the company's stock worth $633,000 after buying an additional 1,198 shares during the period. Institutional investors and hedge funds own 61.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VLY. Piper Sandler restated an "overweight" rating and set a $16.00 target price (up from $15.50) on shares of Valley National Bancorp in a research report on Monday, April 27th. Royal Bank Of Canada boosted their target price on Valley National Bancorp from $14.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $14.50 to $15.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. National Bank Financial set a $17.00 target price on Valley National Bancorp in a research note on Monday, April 27th. Finally, Cantor Fitzgerald boosted their target price on Valley National Bancorp from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $15.10.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY opened at $13.65 on Wednesday. The firm has a market cap of $7.58 billion, a PE ratio of 12.30 and a beta of 1.04. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 1-year low of $8.36 and a 1-year high of $14.12. The company has a fifty day moving average price of $12.68 and a 200 day moving average price of $12.08.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The firm had revenue of $540.36 million during the quarter, compared to analyst estimates of $531.89 million. During the same period in the prior year, the business earned $0.18 EPS. Research analysts predict that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, March 13th. This represents a $0.44 annualized dividend and a yield of 3.2%. Valley National Bancorp's dividend payout ratio is presently 39.64%.

Insider Buying and Selling at Valley National Bancorp

In related news, COO Russell Barrett sold 90,537 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the transaction, the chief operating officer owned 64,167 shares in the company, valued at approximately $868,821.18. This represents a 58.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carlos J. Vazquez bought 2,500 shares of Valley National Bancorp stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average price of $13.45 per share, with a total value of $33,625.00. Following the acquisition, the director directly owned 4,252 shares of the company's stock, valued at $57,189.40. The trade was a 142.69% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 1.06% of the company's stock.

Valley National Bancorp 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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