UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its position in shares of Valley National Bancorp (NASDAQ:VLY – Free Report) by 8.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,179,081 shares of the company’s stock after selling 106,201 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.21% of Valley National Bancorp worth $17,274,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in Valley National Bancorp in the second quarter valued at approximately $1,079,026,000. Wellington Management Group LLP increased its position in shares of Valley National Bancorp by 29.5% in the second quarter. Wellington Management Group LLP now owns 20,091,604 shares of the company’s stock worth $294,342,000 after acquiring an additional 4,576,448 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Valley National Bancorp by 1.9% in 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 in the last quarter. Azora Capital LP purchased a new position in shares of Valley National Bancorp in the 2nd quarter valued at $150,121,000. Finally, Marshall Wace LLP lifted its holdings in shares of Valley National Bancorp by 1,013.8% during the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock valued at $79,787,000 after acquiring an additional 6,217,716 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.
Valley National Bancorp Trading Up 0.9%
NASDAQ:VLY opened at $14.02 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The business’s 50-day simple moving average is $14.48 and its 200 day simple moving average is $13.62. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 11.88 and a beta of 1.03.
Valley National Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 37.29%.
Insider Activity
In related news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares of the company’s stock, valued at $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.06% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on VLY shares. Piper Sandler increased their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a report on Friday, June 26th. JPMorgan Chase & Co. lowered their target price on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating for the company in a research note on Friday, July 24th. Royal Bank Of Canada reiterated a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, August 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Finally, Barclays upped their price target on Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.10.
Read Our Latest Research Report on VLY
Valley National Bancorp Profile
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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