Charles Schwab Investment Management Inc. Raises Stock Position in Valley National Bancorp (NASDAQ:VLY)

Charles Schwab Investment Management Inc. boosted its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,817,098 shares of the company's stock after buying an additional 204,942 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.40% of Valley National Bancorp worth $69,494,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC grew its position in shares of 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 purchasing an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Valley National Bancorp during the fourth quarter worth approximately $39,000. Brown Lisle Cummings Inc. acquired a new stake in Valley National Bancorp during the first quarter worth approximately $39,000. Optiver Holding B.V. boosted its position in Valley National Bancorp by 80.9% during 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 last quarter. Finally, UMB Bank n.a. boosted its position in Valley National Bancorp by 219.6% during 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 last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Trading Down 2.4%

NASDAQ:VLY traded down $0.24 during trading hours on Friday, reaching $9.82. 8,364,223 shares of the company were exchanged, compared to its average volume of 8,020,186. 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 firm has a market cap of $5.50 billion, a price-to-earnings ratio of 12.59 and a beta of 1.09. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.10. The stock has a 50 day simple moving average of $9.28 and a 200 day simple moving average of $9.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter last year, the firm posted $0.13 earnings per share. Valley National Bancorp's revenue was up 9.3% on a year-over-year basis. As a group, analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

Analyst Ratings Changes

VLY has been the topic of a number of analyst reports. Royal Bank Of Canada raised their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report 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 target price on the stock in a research report on Friday, July 25th. Barclays restated an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. Finally, Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Valley National Bancorp 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.