Walleye Capital LLC Has $3.55 Million Holdings in Valley National Bancorp $VLY

Key Points

• Walleye Capital LLC increased its holdings in Valley National Bancorp by 35.8% during the first quarter, owning 398,746 shares valued at approximately $3.55 million.
• Analysts have upgraded their ratings on Valley National Bancorp, with Morgan Stanley raising it to "overweight" and setting a target price of $11.00.
• Valley National Bancorp recently declared a quarterly dividend of $0.11 per share, which reflects an annualized yield of 4.2%.

Walleye Capital LLC raised its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 35.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 398,746 shares of the company's stock after buying an additional 105,179 shares during the period. Walleye Capital LLC owned about 0.07% of Valley National Bancorp worth $3,545,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in Valley National Bancorp by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock valued at $9,787,000 after buying an additional 10,996 shares during the last quarter. GAMMA Investing LLC boosted its position in Valley National Bancorp by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after buying an additional 1,709 shares during the last quarter. Hourglass Capital LLC boosted its position in Valley National Bancorp by 6.3% in the 1st quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after buying an additional 26,280 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in shares of Valley National Bancorp by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock valued at $152,000 after acquiring an additional 4,261 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Valley National Bancorp by 230.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company's stock valued at $1,314,000 after acquiring an additional 103,159 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded up $0.01 during mid-day trading on Monday, reaching $10.46. 6,584,612 shares of the company were exchanged, compared to its average volume of 7,650,314. The company's 50-day simple moving average is $9.59 and its 200-day simple moving average is $9.09. 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 market capitalization of $5.85 billion, a P/E ratio of 13.41 and a beta of 1.13. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The company had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. Valley National Bancorp's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 EPS. As a group, research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.11 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.2%. Valley National Bancorp's dividend payout ratio is 56.41%.

Wall Street Analysts Forecast Growth

Several analysts have commented on VLY shares. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research report on Friday, July 25th. Finally, Royal Bank Of Canada increased 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. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock 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.