Severin Investments LLC acquired a new stake in Valley National Bancorp (NASDAQ:VLY – Free Report) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 44,248 shares of the company’s stock, valued at approximately $517,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. PSI Advisors LLC raised its position in Valley National Bancorp by 100.0% in the fourth quarter. PSI Advisors LLC now owns 30,500 shares of the company’s stock valued at $356,000 after purchasing an additional 15,250 shares during the period. Geode Capital Management LLC increased its position in shares of Valley National Bancorp by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company’s stock worth $152,200,000 after acquiring an additional 247,651 shares during the last quarter. Jackson Creek Investment Advisors LLC purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth about $457,000. Bleakley Financial Group LLC purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth about $205,000. Finally, Cary Street Partners Financial LLC purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth about $173,000. 61.00% of the stock is owned by hedge funds and other institutional investors.
Valley National Bancorp Stock Performance
Shares of VLY stock opened at $13.64 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average of $12.96 and a two-hundred day moving average of $12.38. Valley National Bancorp has a 52 week low of $8.36 and a 52 week high of $14.12. The company has a market cap of $7.56 billion, a P/E ratio of 12.29 and a beta of 1.04.
Valley National Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, June 15th. Valley National Bancorp’s payout ratio is presently 39.64%.
Insider Buying and Selling
In other Valley National Bancorp news, COO Russell Barrett sold 90,537 shares of Valley National Bancorp stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the transaction, the chief operating officer directly owned 64,167 shares in the company, valued at $868,821.18. The trade was a 58.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.06% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
VLY has been the topic of a number of analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $15.00 target price (up from $14.00) on shares of Valley National Bancorp in a research report on Wednesday, May 6th. Raymond James Financial raised Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 target price on the stock in a research report on Friday, January 30th. Barclays lifted their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, January 30th. Weiss Ratings raised Valley National Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 6th. Finally, Royal Bank Of Canada lifted their target price on Valley National Bancorp from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.13.
Check Out Our Latest Research Report on Valley National Bancorp
About Valley National Bancorp
Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.
Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.
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