Valley National Bancorp $VLY Shares Acquired by 1832 Asset Management L.P.

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. grew its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 191.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,600 shares of the company's stock after purchasing an additional 41,112 shares during the period. 1832 Asset Management L.P.'s holdings in Valley National Bancorp were worth $557,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Valley National Bancorp during the 4th quarter worth approximately $2,261,000. Marshall Wace LLP boosted its stake in shares of Valley National Bancorp by 135.6% during the 4th quarter. Marshall Wace LLP now owns 111,660 shares of the company's stock worth $1,012,000 after acquiring an additional 64,260 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Valley National Bancorp during the 4th quarter worth approximately $145,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Valley National Bancorp by 18.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 291,418 shares of the company's stock worth $2,641,000 after acquiring an additional 44,663 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Valley National Bancorp by 37.5% during the 4th quarter. Voya Investment Management LLC now owns 560,325 shares of the company's stock worth $5,077,000 after acquiring an additional 152,688 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Trading Up 0.1%

VLY traded up $0.01 during trading on Monday, hitting $10.46. The company's stock had a trading volume of 6,584,612 shares, compared to its average volume of 7,650,314. The firm's 50 day moving average price is $9.59 and its 200-day moving average price is $9.09. 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 cap of $5.85 billion, a PE ratio of 13.41 and a beta of 1.13. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.10.

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

Valley National Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on VLY shares. Royal Bank Of Canada boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a research note on Friday, July 25th. Morgan Stanley raised 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. 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 on the stock. Finally, Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.