PEAK6 Investments LLC purchased a new stake in Valley National Bancorp (NASDAQ:VLY - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 59,962 shares of the company's stock, valued at approximately $543,000.
Several other large investors have also modified their holdings of the business. Intech Investment Management LLC boosted its stake in shares of Valley National Bancorp by 332.7% during the 3rd quarter. Intech Investment Management LLC now owns 163,478 shares of the company's stock worth $1,481,000 after acquiring an additional 125,695 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company's stock worth $51,431,000 after buying an additional 5,322,278 shares during the last quarter. Waterfall Asset Management LLC acquired a new position in shares of Valley National Bancorp in the 2nd quarter valued at $1,693,000. Nisa Investment Advisors LLC increased its position in shares of Valley National Bancorp by 34.2% during the second quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company's stock valued at $1,107,000 after acquiring an additional 39,750 shares during the last quarter. Finally, Pathstone Holdings LLC raised its position in Valley National Bancorp by 44.7% in the third quarter. Pathstone Holdings LLC now owns 231,591 shares of the company's stock valued at $2,098,000 after purchasing an additional 71,553 shares during the period. Institutional investors own 61.00% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have commented on VLY. StockNews.com downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. Barclays upgraded Valley National Bancorp from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $9.00 to $10.00 in a research note on Thursday, October 31st. Morgan Stanley increased their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an "equal weight" rating in a research report on Monday, September 30th. Piper Sandler raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and increased their price target for the company from $10.50 to $11.00 in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $9.88.
View Our Latest Analysis on VLY
Valley National Bancorp Stock Performance
Shares of NASDAQ:VLY traded up $0.03 during trading hours on Wednesday, hitting $10.41. The stock had a trading volume of 1,330,094 shares, compared to its average volume of 6,134,239. 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 $5.30 billion, a price-to-earnings ratio of 16.74 and a beta of 1.09. The stock's fifty day simple moving average is $9.60 and its 200 day simple moving average is $8.36. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting 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 company had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. During the same quarter last year, the firm posted $0.26 EPS. Sell-side analysts anticipate that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.
Valley National Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.23%. Valley National Bancorp's payout ratio is 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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