Kestra Investment Management LLC Buys Shares of 56,816 Valley National Bancorp (NASDAQ:VLY)

Kestra Investment Management LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 56,816 shares of the company's stock, valued at approximately $515,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new position in Valley National Bancorp in the third quarter worth about $25,000. Innealta Capital LLC acquired a new position in shares of Valley National Bancorp in the 2nd quarter worth approximately $38,000. Blue Trust Inc. increased 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 acquiring an additional 1,564 shares during the last quarter. Hexagon Capital Partners LLC raised its position in shares of Valley National Bancorp by 416.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock valued at $56,000 after acquiring an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Valley National Bancorp by 46.4% during the third 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 last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on VLY. Piper Sandler boosted their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. Wedbush reaffirmed a "neutral" rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Royal Bank of Canada raised their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Morgan Stanley lifted their target price on Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $10.50 to $11.00 in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of "Hold" and an average target price of $9.88.

Valley National Bancorp Price Performance

NASDAQ:VLY traded down $0.03 during mid-day trading on Monday, reaching $10.61. 1,411,367 shares of the stock were exchanged, compared to its average volume of 6,146,221. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average price of $9.57 and a 200 day moving average price of $8.34. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. The firm has a market capitalization of $5.40 billion, a PE ratio of 17.16 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. Research analysts expect that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Friday, December 13th. Valley National Bancorp's dividend payout ratio is 70.97%.

Valley National Bancorp 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.