Valley National Bancorp (NASDAQ:VLY) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB grew its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 76.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 158,987 shares of the company's stock after acquiring an additional 68,700 shares during the quarter. Handelsbanken Fonder AB's holdings in Valley National Bancorp were worth $1,413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in VLY. State of Alaska Department of Revenue lifted its position in shares of Valley National Bancorp by 9.5% during the fourth quarter. State of Alaska Department of Revenue now owns 54,132 shares of the company's stock worth $490,000 after purchasing an additional 4,710 shares during the last quarter. Empowered Funds LLC raised its position in Valley National Bancorp by 12.0% in the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock worth $116,000 after acquiring an additional 1,371 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Valley National Bancorp by 11.2% during the 4th quarter. Louisiana State Employees Retirement System now owns 131,800 shares of the company's stock valued at $1,194,000 after acquiring an additional 13,300 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Valley National Bancorp by 0.6% in the fourth quarter. New York State Teachers Retirement System now owns 283,222 shares of the company's stock worth $2,566,000 after acquiring an additional 1,683 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Valley National Bancorp by 10.2% in the 4th quarter. Rhumbline Advisers now owns 1,581,141 shares of the company's stock worth $14,325,000 after acquiring an additional 146,227 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Price Performance

Shares of VLY opened at $8.53 on Friday. The stock has a market cap of $4.78 billion, a PE ratio of 12.36 and a beta of 1.06. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The business has a 50-day simple moving average of $8.68 and a two-hundred day simple moving average of $9.21.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The company 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 10.62% and a return on equity of 5.14%. During the same quarter in the previous year, the firm earned $0.19 EPS. Analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 5.16%. Valley National Bancorp's dividend payout ratio (DPR) is 63.77%.

Wall Street Analysts Forecast Growth

VLY has been the topic of a number of recent research reports. Jefferies Financial Group assumed coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target on the stock. Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a research note on Monday, March 24th. Barclays dropped their price objective on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Truist Financial initiated coverage on shares of Valley National Bancorp in a research report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 price objective for the company. Finally, Wall Street Zen lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price 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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