Bayforest Capital Ltd Has $533,000 Stake in Valley National Bancorp (NASDAQ:VLY)

Key Points

• Bayforest Capital Ltd increased its holdings in Valley National Bancorp by 870.4% in the first quarter, owning 60,000 shares valued at approximately $533,000.
• Valley National Bancorp received multiple upgrades from analysts, with target prices raised to $11.00 from various firms, indicating growing investor confidence.
• The company announced a quarterly dividend of $0.11 per share, yielding 4.69%, with a payout ratio of 56.41% as of the latest data.

Bayforest Capital Ltd increased its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 870.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,000 shares of the company's stock after acquiring an additional 53,817 shares during the period. Bayforest Capital Ltd's holdings in Valley National Bancorp were worth $533,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its holdings 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 acquiring an additional 2,896 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Valley National Bancorp in the 4th quarter worth approximately $39,000. Brown Lisle Cummings Inc. bought a new position in shares of Valley National Bancorp in the first quarter worth approximately $39,000. Optiver Holding B.V. grew its stake in shares of Valley National Bancorp by 80.9% in the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after acquiring an additional 2,271 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock worth $50,000 after acquiring an additional 3,828 shares during the period. Institutional investors own 61.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on VLY. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a report on Friday, July 25th. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Jefferies Financial Group started 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 for the company. Wall Street Zen upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $10.95.

Valley National Bancorp Trading Up 1.8%

VLY stock traded up $0.17 on Monday, hitting $9.35. 4,876,014 shares of the company were exchanged, compared to its average volume of 9,178,493. Valley National Bancorp has a twelve month low of $7.18 and a twelve month high of $11.10. The business's fifty day moving average is $9.12 and its two-hundred day moving average is $9.12. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 11.98 and a beta of 1.09. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97.

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 (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. The company had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. Valley National Bancorp's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. As a group, research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.7%. Valley National Bancorp's dividend payout ratio is 56.41%.

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.