Valley National Bancorp $VLY Holdings Boosted by Swiss National Bank

Key Points

• Swiss National Bank increased its stake in Valley National Bancorp by 14.4%, acquiring an additional 122,600 shares, bringing its total holdings to approximately $8.66 million.
• Valley National Bancorp recently reported a quarterly earnings per share of $0.23, outperforming analyst expectations of $0.22 and reflecting a year-over-year revenue increase of 9.3%.
• The company announced a quarterly dividend of $0.11 per share, reflecting an annualized yield of 4.5%, with a payout ratio of 56.41%.

Swiss National Bank grew its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 14.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 973,960 shares of the company's stock after buying an additional 122,600 shares during the period. Swiss National Bank owned 0.17% of Valley National Bancorp worth $8,659,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in VLY. Farther Finance Advisors LLC raised its holdings in shares of Valley National Bancorp by 206.6% during the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after buying an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $39,000. Brown Lisle Cummings Inc. acquired a new position in shares of Valley National Bancorp during the first quarter valued at approximately $39,000. Optiver Holding B.V. increased its stake in shares of Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock valued at $46,000 after acquiring an additional 2,271 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of Valley National Bancorp by 219.6% during the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock valued at $50,000 after acquiring an additional 3,828 shares during the period. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded down $0.0350 during mid-day trading on Thursday, hitting $9.7150. The company's stock had a trading volume of 334,146 shares, compared to its average volume of 9,034,926. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $5.44 billion, a P/E ratio of 12.47 and a beta of 1.09. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.10. The stock's fifty day moving average price is $9.32 and its two-hundred day moving average price is $9.10.

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

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's payout ratio is presently 56.41%.

Wall Street Analysts Forecast Growth

VLY has been the topic of a number of research analyst reports. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd. Jefferies Financial Group initiated 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 on the stock. Royal Bank Of Canada raised their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research report on Friday, July 25th. Finally, Barclays restated an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.95.

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.