Freestone Grove Partners LP bought a new stake in Valley National Bancorp (NASDAQ:VLY – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,066,353 shares of the company’s stock, valued at approximately $88,872,000.
A number of other institutional investors have also added to or reduced their stakes in VLY. Parallel Advisors LLC lifted its stake in Valley National Bancorp by 24.5% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after acquiring an additional 855 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Valley National Bancorp by 5.7% during the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock worth $234,000 after purchasing an additional 863 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Valley National Bancorp by 2.1% during the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock worth $513,000 after purchasing an additional 918 shares during the last quarter. Rothschild Investment LLC raised its holdings in shares of Valley National Bancorp by 7.3% in the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock valued at $159,000 after purchasing an additional 923 shares during the period. Finally, Vident Advisory LLC raised its holdings in shares of Valley National Bancorp by 9.1% in the 4th quarter. Vident Advisory LLC now owns 11,760 shares of the company’s stock valued at $137,000 after purchasing an additional 983 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.
Valley National Bancorp Stock Performance
NASDAQ VLY opened at $14.09 on Thursday. The stock has a market cap of $7.79 billion, a PE ratio of 11.94 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a 50-day moving average of $14.57 and a 200-day moving average of $13.61. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20.
Valley National Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. Valley National Bancorp’s dividend payout ratio is presently 37.29%.
Insider Activity at Valley National Bancorp
In other news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.06% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts recently commented on the company. Royal Bank Of Canada reiterated a “buy” rating on shares of Valley National Bancorp in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. National Bank Financial set a $17.50 price objective on Valley National Bancorp in a research report on Wednesday, July 1st. Piper Sandler lifted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Keefe, Bruyette & Woods boosted their target price on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.10.
Read Our Latest Stock Analysis on VLY
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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