Valley National Bancorp $VLY Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp has significantly reduced its stake in Valley National Bancorp by 89.7%, holding only 3,561 shares valued at approximately $32,000 as of the last quarter.
• Valley National Bancorp recently raised its quarterly dividend to $0.11, representing an annual yield of 4.1% and a payout ratio of 56.41%.
• Analysts remain positive on Valley National Bancorp, with a current average rating of "Moderate Buy" and an average price target of $12.54.

Fifth Third Bancorp decreased its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 89.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,561 shares of the company's stock after selling 31,013 shares during the period. Fifth Third Bancorp's holdings in Valley National Bancorp were worth $32,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VLY. Wealth Enhancement Advisory Services LLC lifted its position in Valley National Bancorp by 5.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 44,674 shares of the company's stock valued at $405,000 after purchasing an additional 2,125 shares during the period. GAMMA Investing LLC lifted its position in Valley National Bancorp by 988.5% in the first quarter. GAMMA Investing LLC now owns 82,899 shares of the company's stock valued at $737,000 after purchasing an additional 75,283 shares during the period. Merit Financial Group LLC acquired a new stake in Valley National Bancorp in the first quarter valued at about $260,000. Breakwater Capital Group acquired a new stake in Valley National Bancorp in the first quarter valued at about $135,000. Finally, Sivia Capital Partners LLC acquired a new stake in Valley National Bancorp in the first quarter valued at about $209,000. Institutional investors and hedge funds own 61.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on VLY shares. Truist Financial raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Weiss Ratings restated a "hold (c+)" rating on shares of Valley National Bancorp in a research report on Saturday, September 27th. Cantor Fitzgerald started coverage on shares of Valley National Bancorp in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $12.00 price objective for the company. National Bankshares set a $14.00 price target on shares of Valley National Bancorp in a research report on Monday. Finally, Royal Bank Of Canada lifted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $12.54.

Valley National Bancorp Trading Up 0.7%

Shares of VLY opened at $10.64 on Friday. 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 50 day simple moving average of $10.21 and a 200-day simple moving average of $9.33. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $11.14. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 13.64 and a beta of 1.12.

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, topping analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. During the same period last year, the company posted $0.13 EPS. The company's revenue was up 9.3% on a year-over-year basis. Equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Valley National Bancorp's payout ratio is presently 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.

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