Algert Global LLC Grows Stock Holdings in Valley National Bancorp $VLY

Key Points

• Algert Global LLC significantly increased its stake in Valley National Bancorp by 1,593.5%, owning over 1.38 million shares valued at approximately $12.27 million.
• Valley National Bancorp announced a $0.11 per share quarterly dividend with a yield of 4.5%, set to be paid on October 1st.
• Analysts have a consensus rating of "Moderate Buy" for Valley National Bancorp, with a price target averaging $10.95.

Algert Global LLC raised its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 1,593.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,380,089 shares of the company's stock after acquiring an additional 1,298,597 shares during the period. Algert Global LLC owned 0.25% of Valley National Bancorp worth $12,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of VLY. Farther Finance Advisors LLC boosted its stake in Valley National Bancorp by 206.6% in the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after acquiring an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Valley National Bancorp during the 4th quarter worth $39,000. Brown Lisle Cummings Inc. acquired a new stake in Valley National Bancorp during the 1st quarter worth $39,000. Optiver Holding B.V. boosted its stake in Valley National Bancorp by 80.9% during the 4th 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. Finally, UMB Bank n.a. boosted its stake in Valley National Bancorp by 219.6% during the 1st 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. Institutional investors and hedge funds own 61.00% of the company's stock.

Analyst Upgrades and Downgrades

VLY has been the subject of a number of recent research reports. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a research note on Friday, July 25th. Jefferies Financial Group started 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 target for the company. Finally, Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $10.95.

Valley National Bancorp Stock Performance

Shares of VLY stock traded down $0.07 during mid-day trading on Thursday, hitting $9.68. The stock had a trading volume of 5,181,016 shares, compared to its average volume of 9,066,580. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.10. The firm has a market cap of $5.42 billion, a PE ratio of 12.41 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. The company's 50-day simple moving average is $9.32 and its 200-day simple moving average is $9.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.23 EPS 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 company had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. During the same quarter last year, the business earned $0.13 EPS. The business's revenue was up 9.3% on a year-over-year basis. Sell-side analysts anticipate 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. 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 dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's payout ratio is presently 56.41%.

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.