The Manufacturers Life Insurance Company Buys New Shares in Valley National Bancorp $VLY

The Manufacturers Life Insurance Company purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 454,761 shares of the company’s stock, valued at approximately $6,662,000. The Manufacturers Life Insurance Company owned 0.08% of Valley National Bancorp as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of VLY. Cedar Mountain Advisors LLC acquired a new position in shares of Valley National Bancorp in the first quarter valued at $26,000. Assetmark Inc. increased its holdings in Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after buying an additional 1,189 shares during the period. Los Angeles Capital Management LLC bought a new stake in Valley National Bancorp in the 4th quarter valued at $26,000. Compass Financial Management LLC acquired a new position in shares of Valley National Bancorp in the 2nd quarter valued at $28,000. Finally, Root Financial Partners LLC lifted its holdings 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 during the period. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $13.92 on Monday. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20. The company has a market capitalization of $7.69 billion, a P/E ratio of 11.80 and a beta of 1.04. The firm has a 50-day moving average price of $14.56 and a 200 day moving average price 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 (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.Valley National Bancorp’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 earnings per share. Research analysts forecast that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors 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 yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 37.29%.

Insiders Place Their Bets

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction on Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on VLY. Barclays upped their target price on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Valley National Bancorp in a report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of Valley National Bancorp in a report on Monday, July 6th. Piper Sandler increased their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Morgan Stanley restated a “positive” rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $16.10.

Valley National Bancorp Company 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.