Jump Financial LLC Sells 707,977 Shares of Valley National Bancorp $VLY

Key Points

• Jump Financial LLC significantly reduced its stake in Valley National Bancorp by 91.8%, now holding 63,200 shares worth $562,000 after selling over 700,000 shares.
• Valley National Bancorp reported earnings of $0.23 per share for the last quarter, exceeding analyst estimates and showing a 9.3% revenue increase year-over-year.
• The company has announced a quarterly dividend of $0.11 per share, representing an annual yield of 4.2% and a payout ratio of 56.41%.

Jump Financial LLC lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 91.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 63,200 shares of the company's stock after selling 707,977 shares during the period. Jump Financial LLC's holdings in Valley National Bancorp were worth $562,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in shares of Valley National Bancorp by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after acquiring an additional 1,377,676 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Valley National Bancorp during the 4th quarter valued at $74,558,000. Charles Schwab Investment Management Inc. lifted its position in shares of 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 acquiring an additional 204,942 shares during the period. Victory Capital Management Inc. lifted its position in shares of Valley National Bancorp by 15.2% during the 1st quarter. Victory Capital Management Inc. now owns 7,155,871 shares of the company's stock valued at $63,616,000 after acquiring an additional 944,340 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Valley National Bancorp by 21.2% during the 4th quarter. Northern Trust Corp now owns 5,788,927 shares of the company's stock valued at $52,448,000 after acquiring an additional 1,011,030 shares during the period. Institutional investors and hedge funds own 61.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on VLY shares. Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Barclays restated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a report on Friday, July 25th. Finally, Jefferies Financial Group began coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of "Moderate Buy" and an average price target of $10.95.

Valley National Bancorp Stock Up 0.9%

Shares of VLY stock traded up $0.10 on Thursday, hitting $10.61. The stock had a trading volume of 3,714,114 shares, compared to its average volume of 8,976,534. The business has a 50 day moving average of $9.66 and a 200 day moving average of $9.11. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 13.60 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.23 EPS 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 net margin of 12.87% and a return on equity of 5.89%. The firm's revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.13 earnings per share. As a group, analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 4.1%. 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.