Squarepoint Ops LLC lessened its holdings in Valley National Bancorp (NASDAQ:VLY – Free Report) by 46.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,116,750 shares of the company’s stock after selling 1,838,349 shares during the quarter. Squarepoint Ops LLC’s holdings in Valley National Bancorp were worth $31,010,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of VLY. Compass Financial Management LLC purchased a new stake in Valley National Bancorp during the 2nd quarter worth about $28,000. Cedar Mountain Advisors LLC purchased a new position in shares of Valley National Bancorp in the 1st quarter valued at about $26,000. Assetmark Inc. raised its position in shares of Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after acquiring an additional 1,189 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Valley National Bancorp during the 4th quarter worth about $26,000. Finally, Root Financial Partners LLC raised its position in shares of Valley National Bancorp by 127.3% during the 1st quarter. Root Financial Partners LLC now owns 3,976 shares of the company’s stock worth $49,000 after acquiring an additional 2,227 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.
Valley National Bancorp Price Performance
Shares of VLY opened at $13.92 on Wednesday. Valley National Bancorp has a fifty-two week low of $9.64 and a fifty-two week high of $15.20. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of 11.80 and a beta of 1.03. The firm has a 50-day simple moving average of $14.46 and a 200-day simple moving average of $13.63. 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 Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.11 dividend. 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 3.2%. Valley National Bancorp’s payout ratio is presently 37.29%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on VLY shares. TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Barclays raised their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Hovde Group upped their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Finally, Cantor Fitzgerald increased their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.17.
View Our Latest Stock Analysis on VLY
Insider Activity at Valley National Bancorp
In other news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s 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 completion of the sale, the chief accounting officer owned 76,116 shares in the company, valued at $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.06% of the stock is owned by company insiders.
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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