1832 Asset Management L.P. Raises Position in Valley National Bancorp $VLY

Key Points

• 1832 Asset Management L.P. increased its stake in Valley National Bancorp by 191.3%, holding 62,600 shares worth $557,000 as of the latest SEC filing.
• Valley National Bancorp reported a quarterly EPS of $0.23, exceeding expectations, and a revenue increase of 9.3% year-over-year.
• The company will pay a quarterly dividend of $0.11 per share on October 1st, representing an annualized yield of 4.2%.

1832 Asset Management L.P. raised its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 191.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,600 shares of the company's stock after acquiring an additional 41,112 shares during the quarter. 1832 Asset Management L.P.'s holdings in Valley National Bancorp were worth $557,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of Valley National Bancorp by 1.0% in the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock worth $9,787,000 after acquiring an additional 10,996 shares during the last quarter. GAMMA Investing LLC increased its stake in Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after purchasing an additional 1,709 shares during the last quarter. Hourglass Capital LLC increased its stake in Valley National Bancorp by 6.3% in the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after purchasing an additional 26,280 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in Valley National Bancorp by 33.3% in the first quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock valued at $152,000 after purchasing an additional 4,261 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Valley National Bancorp by 230.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company's stock valued at $1,314,000 after purchasing an additional 103,159 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Trading Up 0.1%

VLY stock traded up $0.01 during trading on Monday, reaching $10.46. 6,584,612 shares of the stock traded hands, compared to its average volume of 7,650,314. The business's 50 day moving average price is $9.56 and its 200-day moving average price is $9.09. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.10. 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 capitalization of $5.85 billion, a PE ratio of 13.41 and a beta of 1.13.

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 (EPS) for the quarter, beating 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 firm had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. The firm's quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently commented on VLY shares. 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 note on Friday, July 25th. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. 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 target price for the company. Finally, Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research note on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.