Versor Investments LP Grows Stock Holdings in Valley National Bancorp $VLY

Key Points

• Versor Investments LP increased its stake in Valley National Bancorp by 95%, now holding 192,700 shares worth approximately $1.71 million.
• The company reported a quarterly earnings per share (EPS) of $0.23, exceeding analysts' expectations of $0.22, along with a 9.3% year-over-year increase in revenue.
• Valley National Bancorp announced a quarterly dividend of $0.11, resulting in an annualized dividend yield of 4.5% for its investors.

Versor Investments LP lifted its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 95.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 192,700 shares of the company's stock after buying an additional 93,900 shares during the period. Versor Investments LP's holdings in Valley National Bancorp were worth $1,713,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its stake in shares of Valley National Bancorp by 28.4% during the fourth quarter. Wells Fargo & Company MN now owns 320,847 shares of the company's stock valued at $2,907,000 after purchasing an additional 70,967 shares during the period. Bank of Montreal Can raised its holdings in Valley National Bancorp by 24.0% during the 4th quarter. Bank of Montreal Can now owns 50,784 shares of the company's stock valued at $460,000 after buying an additional 9,835 shares during the last quarter. Legal & General Group Plc increased its position in shares of Valley National Bancorp by 0.4% in the fourth quarter. Legal & General Group Plc now owns 736,365 shares of the company's stock valued at $6,671,000 after acquiring an additional 2,744 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Valley National Bancorp in the fourth quarter valued at about $3,553,000. Finally, Raymond James Financial Inc. bought a new position in shares of Valley National Bancorp during the fourth quarter valued at about $2,261,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 0.7%

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

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the company earned $0.13 earnings per share. The business's revenue for the quarter was up 9.3% compared to the same quarter last year. On average, analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

Wall Street Analysts Forecast Growth

VLY has been the topic of several recent analyst reports. 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 upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. Royal Bank Of Canada upped their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Valley National Bancorp currently has an average rating of "Moderate Buy" and a consensus target price 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.