Valley National Bancorp $VLY Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in Valley National Bancorp by 7.0%, now owning approximately 0.07% of the company with a value of $3.56 million after selling 30,267 shares.
• Valley National Bancorp reported a quarterly EPS of $0.23, surpassing estimates, with revenue reaching $495.01 million, which was slightly below expectations.
• A quarterly dividend of $0.11 per share has been announced, indicating an annualized yield of 4.5% and a payout ratio of 56.41%.

Deutsche Bank AG cut its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 7.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,153 shares of the company's stock after selling 30,267 shares during the quarter. Deutsche Bank AG owned about 0.07% of Valley National Bancorp worth $3,557,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in Valley National Bancorp by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company's stock valued at $69,494,000 after purchasing an additional 204,942 shares during the last quarter. Natixis Advisors LLC acquired a new stake in shares of Valley National Bancorp during the first quarter worth about $231,000. Bayforest Capital Ltd boosted its position in Valley National Bancorp by 870.4% in the first quarter. Bayforest Capital Ltd now owns 60,000 shares of the company's stock valued at $533,000 after buying an additional 53,817 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Valley National Bancorp by 1.0% in the first quarter. Federated Hermes Inc. now owns 383,553 shares of the company's stock worth $3,410,000 after acquiring an additional 3,634 shares during the period. Finally, Mackenzie Financial Corp raised its stake in shares of Valley National Bancorp by 2,749.1% during the 1st quarter. Mackenzie Financial Corp now owns 760,522 shares of the company's stock valued at $6,761,000 after buying an additional 733,829 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Trading Down 0.7%

Valley National Bancorp stock traded down $0.07 during trading on Thursday, hitting $9.68. The company had a trading volume of 5,181,016 shares, compared to its average volume of 9,066,580. The company's 50 day simple moving average is $9.32 and its 200-day simple moving average is $9.10. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $11.10. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 12.41 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $495.79 million. During the same period last year, the firm earned $0.13 earnings per share. The company's revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm 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 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio is 56.41%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research report on Friday, July 25th. Jefferies Financial Group started coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective for the company. Royal Bank Of Canada upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.95.

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.