Stifel Financial Corp Cuts Holdings in Valley National Bancorp (NASDAQ:VLY)

Stifel Financial Corp cut its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 42.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 125,947 shares of the company's stock after selling 91,365 shares during the quarter. Stifel Financial Corp's holdings in Valley National Bancorp were worth $1,141,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Valley National Bancorp by 9.2% during the fourth quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock valued at $453,020,000 after buying an additional 4,204,651 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Valley National Bancorp by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company's stock valued at $259,692,000 after acquiring an additional 2,810,005 shares during the period. Wellington Management Group LLP lifted its holdings in Valley National Bancorp by 90.2% in the fourth quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock valued at $154,558,000 after acquiring an additional 8,088,466 shares during the period. Geode Capital Management LLC lifted its holdings in Valley National Bancorp by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock valued at $107,122,000 after acquiring an additional 656,200 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Valley National Bancorp by 9.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock valued at $68,966,000 after acquiring an additional 640,933 shares during the period. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Trading Up 0.4%

Shares of VLY traded up $0.04 during midday trading on Wednesday, hitting $9.24. 3,919,004 shares of the stock were exchanged, compared to its average volume of 7,236,533. The firm has a market cap of $5.17 billion, a P/E ratio of 13.40 and a beta of 1.05. The stock has a fifty day simple moving average of $8.62 and a 200 day simple moving average of $9.40. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. The business had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. On average, research analysts anticipate 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 was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend was Friday, March 14th. Valley National Bancorp's payout ratio is 63.77%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on VLY shares. Barclays decreased their price objective on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Royal Bank of Canada lifted their target price on Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. StockNews.com upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, April 26th. Truist Financial started coverage on Valley National Bancorp in a research report on Tuesday. They set a "hold" rating and a $10.00 target price for the company. Finally, Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price for the company in a research report on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $10.60.

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.