Cornerstone Wealth Group LLC Trims Stock Position in Valley National Bancorp (NASDAQ:VLY)

Cornerstone Wealth Group LLC lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 43.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,351 shares of the company's stock after selling 29,054 shares during the quarter. Cornerstone Wealth Group LLC's holdings in Valley National Bancorp were worth $341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Valley National Bancorp by 9.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock worth $104,000 after buying an additional 1,002 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Valley National Bancorp by 2.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company's stock worth $406,000 after acquiring an additional 1,024 shares during the last quarter. United Services Automobile Association raised its holdings in shares of Valley National Bancorp by 3.7% in the 4th quarter. United Services Automobile Association now owns 28,702 shares of the company's stock worth $260,000 after acquiring an additional 1,029 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Valley National Bancorp by 2.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company's stock valued at $436,000 after acquiring an additional 1,046 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Valley National Bancorp by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock valued at $494,000 after purchasing an additional 1,465 shares during the last quarter. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded up $0.19 during trading on Thursday, reaching $8.97. 6,535,843 shares of the stock traded hands, compared to its average volume of 7,776,987. 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 $5.02 billion, a P/E ratio of 13.00 and a beta of 1.06. Valley National Bancorp has a 52-week low of $6.50 and a 52-week high of $11.10. The company has a 50-day moving average of $8.76 and a 200-day moving average of $9.12.

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 net margin of 11.03% and a return on equity of 5.12%. The business had revenue of $479.67 million for the quarter, compared to analysts' expectations of $483.98 million. During the same period last year, the company earned $0.19 earnings per share. Analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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 given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.91%. The ex-dividend date of this dividend is Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

Analysts Set New Price Targets

Several brokerages have recently commented on VLY. Jefferies Financial Group started coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective for the company. Barclays lowered their price target on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler raised 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 report on Monday, March 24th. Truist Financial assumed coverage on shares of Valley National Bancorp in a research note on Tuesday, May 13th. They issued a "hold" rating and a $10.00 target price for the company. Finally, Wall Street Zen lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.55.

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.