Valley National Bancorp (NASDAQ:VLY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 28.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,024,070 shares of the company's stock after selling 791,108 shares during the period. Bank of America Corp DE owned about 0.40% of Valley National Bancorp worth $18,338,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. R Squared Ltd purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth about $25,000. Optiver Holding B.V. boosted its holdings 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 acquiring an additional 2,271 shares in the last quarter. CreativeOne Wealth LLC bought a new stake in Valley National Bancorp in the fourth quarter worth $102,000. Sapient Capital LLC bought a new stake in Valley National Bancorp in the fourth quarter worth $103,000. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Valley National Bancorp by 9.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock worth $104,000 after purchasing an additional 1,002 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

VLY has been the subject of several recent analyst reports. Citigroup boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, January 27th. Barclays cut their price target on 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. Truist Financial initiated coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They issued a "hold" rating and a $10.00 price objective for the company. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a research report on Monday, March 24th. Finally, Jefferies Financial Group started coverage on Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $10.55.

Valley National Bancorp Trading Up 0.1%

VLY traded up $0.01 during trading on Monday, hitting $8.70. 8,485,060 shares of the stock were exchanged, compared to its average volume of 7,460,757. The firm has a 50 day simple moving average of $8.65 and a 200 day simple moving average of $9.35. The firm has a market cap of $4.87 billion, a price-to-earnings ratio of 12.61 and a beta of 1.05. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The firm had revenue of $479.67 million for the quarter, compared to analysts' expectations of $483.98 million. During the same quarter in the previous year, the business earned $0.19 earnings per share. As a group, equities 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 will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $0.11 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.06%. Valley National Bancorp's dividend payout ratio is presently 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.