Basswood Capital Management L.L.C. purchased a new position in Valley National Bancorp (NASDAQ:VLY – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,182,206 shares of the company’s stock, valued at approximately $17,319,000.
A number of other large investors also recently bought and sold shares of VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Valley National Bancorp by 5.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock worth $2,508,000 after purchasing an additional 15,771 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Valley National Bancorp during the first quarter valued at approximately $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Valley National Bancorp by 21.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock valued at $12,852,000 after purchasing an additional 255,870 shares during the last quarter. Focus Partners Wealth boosted its position in shares of Valley National Bancorp by 34.9% in the 1st quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock worth $541,000 after purchasing an additional 15,761 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Valley National Bancorp in the 2nd quarter worth approximately $119,000. 61.00% of the stock is owned by hedge funds and other institutional investors.
Valley National Bancorp Price Performance
Shares of VLY opened at $14.09 on Thursday. Valley National Bancorp has a twelve month low of $9.64 and a twelve month high of $15.20. The company has a market capitalization of $7.79 billion, a P/E ratio of 11.94 and a beta of 1.04. The firm has a 50 day moving average of $14.57 and a 200 day moving average of $13.61. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35.
Valley National Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio is presently 37.29%.
Insider Activity
In related news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction 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 sale, the chief accounting officer directly owned 76,116 shares of the company’s stock, valued at $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.06% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
VLY has been the subject of a number of analyst reports. Truist Financial raised their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a research report on Friday, July 10th. 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. JPMorgan Chase & Co. cut their target price 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 target price on Valley National Bancorp in a research note on Wednesday, July 1st. Finally, Cantor Fitzgerald raised their price target on Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.10.
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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