Victory Capital Management Inc. boosted its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 1,501.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,676,685 shares of the company's stock after acquiring an additional 5,322,278 shares during the quarter. Victory Capital Management Inc. owned 1.11% of Valley National Bancorp worth $51,431,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new position in shares of Valley National Bancorp in the 3rd quarter valued at $25,000. Blue Trust Inc. grew its position in 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 buying an additional 1,564 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Valley National Bancorp in the 1st quarter valued at $43,000. Innealta Capital LLC purchased a new position in Valley National Bancorp in the 2nd quarter valued at $38,000. Finally, Hexagon Capital Partners LLC grew its position in Valley National Bancorp by 416.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock valued at $56,000 after buying an additional 5,001 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.
Valley National Bancorp Price Performance
VLY stock traded down $0.05 during trading on Friday, hitting $10.09. The stock had a trading volume of 2,748,062 shares, compared to its average volume of 6,152,232. The company's 50 day moving average price is $9.15 and its two-hundred day moving average price is $8.11. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 16.11 and a beta of 1.07. 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 announced its earnings results 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 firm had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same quarter in the previous year, the company posted $0.26 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.66 EPS for the current fiscal year.
Valley National Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.36%. The ex-dividend date was Friday, September 13th. Valley National Bancorp's payout ratio is 70.97%.
Analyst Ratings Changes
VLY has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research report on Monday, September 30th. Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a "market perform" rating in a research report on Friday, July 26th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $10.50 to $11.00 in a research report on Monday. Piper Sandler boosted their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $9.88.
Get Our Latest Stock Report on Valley National Bancorp
Valley National Bancorp Profile
(
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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