JPMorgan Chase & Co. Increases Holdings in Valley National Bancorp (NASDAQ:VLY)

JPMorgan Chase & Co. lifted its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 41.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,494,390 shares of the company's stock after purchasing an additional 439,831 shares during the quarter. JPMorgan Chase & Co. owned 0.29% of Valley National Bancorp worth $13,539,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of VLY. Harbor Capital Advisors Inc. bought a new stake in Valley National Bancorp during the third quarter worth $25,000. Blue Trust Inc. grew its holdings in Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock worth $44,000 after buying an additional 1,564 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock worth $56,000 after buying an additional 5,001 shares in the last quarter. GAMMA Investing LLC grew its stake in Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock valued at $62,000 after purchasing an additional 2,151 shares during the period. Finally, International Assets Investment Management LLC grew its stake in Valley National Bancorp by 557.0% in the 3rd quarter. International Assets Investment Management LLC now owns 8,679 shares of the company's stock valued at $79,000 after purchasing an additional 7,358 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on VLY. StockNews.com downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. Barclays upped their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Thursday, December 5th. Citigroup reduced their price objective on Valley National Bancorp from $10.50 to $10.00 and set a "neutral" rating for the company in a research note on Tuesday, December 31st. Piper Sandler upped their price objective 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. Finally, Morgan Stanley upped their price objective 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.39.

Valley National Bancorp Price Performance

VLY traded down $0.37 during trading on Friday, reaching $8.62. 8,822,264 shares of the company were exchanged, compared to its average volume of 7,442,177. The company's 50-day moving average is $9.84 and its two-hundred day moving average is $8.88. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 13.90 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.18. The business had revenue of $921.22 million for the quarter, compared to analysts' expectations of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the prior year, the firm posted $0.26 EPS. Research analysts forecast that Valley National Bancorp will post 0.65 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 5.10%. Valley National Bancorp's dividend payout ratio (DPR) 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.