Valley National Bancorp $VLY Holdings Boosted by Comerica Bank

Key Points

• Comerica Bank increased its stake in Valley National Bancorp by 107.5% during the first quarter, acquiring an additional 214,769 shares to own a total of 414,474 shares worth $3,685,000.
• Several analysts have recently upgraded their ratings for Valley National Bancorp, with Truist Financial and Royal Bank Of Canada both setting price targets of $11.00, while the average analyst rating is a "Moderate Buy."
• Valley National Bancorp announced a quarterly dividend of $0.11 per share, representing an annualized yield of 4.2%, with the payment date scheduled for October 1st.

Comerica Bank lifted its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 107.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 414,474 shares of the company's stock after purchasing an additional 214,769 shares during the quarter. Comerica Bank owned about 0.07% of Valley National Bancorp worth $3,685,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in VLY. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Valley National Bancorp during the 1st quarter worth about $35,000. Farther Finance Advisors LLC raised its stake in Valley National Bancorp by 206.6% during the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after purchasing an additional 2,896 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at $39,000. Brown Lisle Cummings Inc. purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at $39,000. Finally, UMB Bank n.a. increased its holdings in shares of 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 buying an additional 3,828 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. 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 price target on the stock. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Morgan Stanley raised shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $10.00 to $11.00 in a report on Thursday, July 3rd. Finally, Royal Bank Of Canada upped their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.95.

Valley National Bancorp Stock Performance

VLY traded up $0.08 during trading on Thursday, reaching $10.59. 3,839,821 shares of the company were exchanged, compared to its average volume of 8,977,742. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.10. The firm has a 50 day moving average of $9.66 and a 200 day moving average of $9.11. The stock has a market cap of $5.92 billion, a P/E ratio of 13.57 and a beta of 1.13.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The business had revenue of $495.01 million during the quarter, compared to analyst estimates of $495.79 million. During the same period in the prior year, the company posted $0.13 EPS. The business's revenue for the quarter was up 9.3% compared to the same quarter last year. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's payout ratio is presently 56.41%.

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.