Wealth Enhancement Advisory Services LLC Boosts Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

Wealth Enhancement Advisory Services LLC raised its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 230.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 147,833 shares of the company's stock after acquiring an additional 103,159 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Valley National Bancorp were worth $1,314,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at $31,490,000. Xponance Inc. grew its stake in Valley National Bancorp by 13.7% in the 4th quarter. Xponance Inc. now owns 66,588 shares of the company's stock worth $603,000 after acquiring an additional 8,032 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Valley National Bancorp by 27.8% in the 4th quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock worth $55,278,000 after acquiring an additional 1,327,829 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Valley National Bancorp by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock worth $68,966,000 after acquiring an additional 640,933 shares during the period. Finally, Trexquant Investment LP raised its stake in shares of Valley National Bancorp by 17.5% during the fourth quarter. Trexquant Investment LP now owns 657,448 shares of the company's stock valued at $5,956,000 after acquiring an additional 97,921 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Up 5.0%

Valley National Bancorp stock traded up $0.47 during midday trading on Friday, reaching $9.81. The company's stock had a trading volume of 11,934,145 shares, compared to its average volume of 7,968,788. 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 stock has a market capitalization of $5.49 billion, a P/E ratio of 14.21 and a beta of 1.06. The stock's 50-day simple moving average is $8.86 and its 200-day simple moving average is $9.07. Valley National Bancorp has a 52-week low of $6.56 and a 52-week 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 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The company had revenue of $479.67 million during the quarter, compared to analyst estimates 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 last year, the business earned $0.19 earnings per share. On average, sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.49%. The ex-dividend date was Friday, June 13th. Valley National Bancorp's dividend payout ratio is currently 63.77%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Truist Financial began coverage on Valley National Bancorp in a report on Tuesday, May 13th. They set a "hold" rating and a $10.00 price objective on the stock. Wall Street Zen lowered Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Barclays dropped their target price on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $10.00 to $11.00 in a report on Thursday. Finally, Piper Sandler upgraded 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $10.64.

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.