56,881 Shares in Valley National Bancorp $VLY Purchased by Equitable Holdings Inc.

Equitable Holdings Inc. bought a new stake in Valley National Bancorp (NASDAQ:VLY) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 56,881 shares of the company’s stock, valued at approximately $833,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Valley National Bancorp by 5.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock valued at $2,508,000 after acquiring an additional 15,771 shares during the period. Jones Financial Companies Lllp acquired a new stake in shares of Valley National Bancorp in the first quarter worth $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 worth $12,852,000 after purchasing an additional 255,870 shares during the last quarter. Focus Partners Wealth raised its holdings in shares of Valley National Bancorp by 34.9% during the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock worth $541,000 after purchasing an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in Valley National Bancorp during the second quarter valued at $119,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Insider Activity

In other news, CAO Mitchell L. Crandell sold 25,495 shares of the business’s stock in a transaction dated 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. The trade was 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 at this link. 1.06% of the stock is currently owned by company insiders.

Valley National Bancorp Trading Down 0.2%

Shares of VLY stock opened at $13.92 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $7.69 billion, a price-to-earnings ratio of 11.80 and a beta of 1.04. The stock has a 50 day simple moving average of $14.56 and a 200-day simple moving average of $13.61. Valley National Bancorp has a 1-year low of $9.64 and a 1-year high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The company had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. Valley National Bancorp’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. On average, equities research analysts expect that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

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 given a $0.11 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.2%. Valley National Bancorp’s dividend payout ratio (DPR) is 37.29%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VLY. Cantor Fitzgerald increased 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. JPMorgan Chase & Co. decreased their target price on shares of 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. Piper Sandler raised their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research report on Friday, June 26th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Valley National Bancorp in a report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.