Valley National Bancorp $VLY Holdings Boosted by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its holdings in Valley National Bancorp by 14.9%, owning 643,898 shares worth approximately $5.72 million as of the latest SEC filing.
• Analysts have rated Valley National Bancorp with a consensus rating of "Moderate Buy" and an average target price of $11.85, along with several upgrades from major firms.
• The company declared a quarterly dividend of $0.11 to be paid on October 1st, representing a 4.0% dividend yield on an annualized basis.

Voya Investment Management LLC lifted its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 14.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 643,898 shares of the company's stock after purchasing an additional 83,573 shares during the period. Voya Investment Management LLC owned about 0.11% of Valley National Bancorp worth $5,724,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in VLY. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Valley National Bancorp in the 1st quarter worth about $35,000. Farther Finance Advisors LLC grew its holdings in shares of 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 in the last quarter. Brown Lisle Cummings Inc. bought a new stake in Valley National Bancorp in the 1st quarter worth approximately $39,000. UMB Bank n.a. lifted its position in Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock valued at $50,000 after purchasing an additional 3,828 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position 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. 61.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

VLY has been the topic of a number of recent research reports. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. National Bankshares set a $13.50 target price on Valley National Bancorp in a research note on Monday, September 15th. Hovde Group initiated coverage on Valley National Bancorp in a research note on Wednesday, September 10th. They issued an "outperform" rating and a $12.50 price objective on the stock. Truist Financial lifted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Finally, Citigroup raised Valley National Bancorp from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $10.00 to $13.50 in a research note on Monday, September 15th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $11.85.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY traded down $0.15 during midday trading on Friday, hitting $10.95. The stock had a trading volume of 18,012,442 shares, compared to its average volume of 7,799,283. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.12. The company has a market capitalization of $6.13 billion, a PE ratio of 14.04 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The stock has a 50 day simple moving average of $9.98 and a 200-day simple moving average of $9.20.

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 for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company'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 earnings per share. On average, sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently declared 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. The ex-dividend date is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.0%. Valley National Bancorp's dividend payout ratio is currently 56.41%.

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.