BNP Paribas Financial Markets reduced its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 23.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,595 shares of the company's stock after selling 95,881 shares during the period. BNP Paribas Financial Markets owned 0.06% of Valley National Bancorp worth $2,769,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of VLY. Diversified Trust Co lifted its stake in Valley National Bancorp by 11.1% in the second quarter. Diversified Trust Co now owns 14,317 shares of the company's stock worth $100,000 after acquiring an additional 1,435 shares during the period. Blue Trust Inc. raised its holdings in shares of Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock valued at $44,000 after purchasing an additional 1,564 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock worth $62,000 after purchasing an additional 2,151 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in Valley National Bancorp by 7.6% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company's stock valued at $276,000 after buying an additional 2,154 shares during the period. Finally, Ignite Planners LLC increased its holdings in Valley National Bancorp by 3.4% during the third quarter. Ignite Planners LLC now owns 65,107 shares of the company's stock valued at $590,000 after buying an additional 2,170 shares during the period. Institutional investors own 61.00% of the company's stock.
Analyst Upgrades and Downgrades
VLY has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an "equal weight" rating in a research note on Monday, September 30th. Wedbush reaffirmed a "neutral" rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. JPMorgan Chase & Co. raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $10.50 to $11.00 in a research report on Monday, November 11th. Barclays boosted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Piper Sandler increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Valley National Bancorp currently has an average rating of "Hold" and an average price target of $10.00.
Check Out Our Latest Research Report on VLY
Valley National Bancorp Price Performance
Shares of NASDAQ VLY traded up $0.09 during midday trading on Friday, hitting $10.51. The stock had a trading volume of 3,856,197 shares, compared to its average volume of 6,122,249. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The stock has a 50 day simple moving average of $9.70 and a 200-day simple moving average of $8.41. The company has a market capitalization of $5.35 billion, a PE ratio of 16.81 and a beta of 1.09.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $921.22 million for the quarter, compared to analysts' expectations of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the previous year, the company posted $0.26 EPS. On average, sell-side analysts expect that Valley National Bancorp will post 0.66 EPS for the current fiscal year.
Valley National Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.19%. Valley National Bancorp's dividend payout ratio is currently 70.97%.
Valley National Bancorp Company Profile
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Free Report)
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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