Ieq Capital LLC Takes $6.70 Million Position in Valley National Bancorp $VLY

Ieq Capital LLC purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 457,226 shares of the company’s stock, valued at approximately $6,698,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Valley National Bancorp by 5.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock valued at $2,508,000 after buying an additional 15,771 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of Valley National Bancorp in the 1st quarter worth about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Valley National Bancorp by 21.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock worth $12,852,000 after acquiring an additional 255,870 shares in the last quarter. Focus Partners Wealth increased its stake 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 acquiring an additional 15,761 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in Valley National Bancorp during the 2nd quarter valued at about $119,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Valley National Bancorp in a report on Monday, July 6th. Cantor Fitzgerald boosted their price target on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Morgan Stanley restated a “positive” rating on shares of Valley National Bancorp in a research note on Monday, June 29th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.03.

Insider Buying and Selling at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.06% of the stock is owned by company insiders.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $14.16 on Monday. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The company’s 50-day moving average is $14.57 and its 200 day moving average is $13.59. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of 12.00 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.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 19.49% and a return on equity of 9.13%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 earnings per share. Sell-side analysts expect that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company 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. The ex-dividend date 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 is presently 37.29%.

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.