Handelsbanken Fonder AB Boosts Stake in Valley National Bancorp (NASDAQ:VLY)

Handelsbanken Fonder AB raised its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 76.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,987 shares of the company's stock after purchasing an additional 68,700 shares during the period. Handelsbanken Fonder AB's holdings in Valley National Bancorp were worth $1,413,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Farther Finance Advisors LLC grew its holdings in shares of 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 during the fourth quarter valued at approximately $39,000. Optiver Holding B.V. grew its stake in 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 purchasing an additional 2,271 shares during the period. UMB Bank n.a. grew its stake in 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 purchasing an additional 3,828 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock worth $83,000 after purchasing an additional 1,709 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on VLY shares. Barclays lowered their target price on shares of 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. Wall Street Zen cut Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target for the company in a research report on Monday, March 24th. Truist Financial initiated coverage on shares of Valley National Bancorp in a research note 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 research note on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $10.55.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded up $0.15 during mid-day trading on Wednesday, hitting $8.57. The stock had a trading volume of 6,556,746 shares, compared to its average volume of 9,113,936. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm's 50 day moving average is $8.69 and its 200 day moving average is $9.18. The firm has a market capitalization of $4.80 billion, a P/E ratio of 12.42 and a beta of 1.06. Valley National Bancorp has a one year low of $6.50 and a one year high of $11.10.

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 the consensus estimate of $0.19 by ($0.01). The business had revenue of $479.67 million for the quarter, compared to analysts' expectations of $483.98 million. Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. During the same quarter in the prior year, the business posted $0.19 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.44 annualized dividend and a yield of 5.13%. Valley National Bancorp's payout ratio is 63.77%.

Valley National Bancorp Company 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.