Great Lakes Advisors LLC Buys Shares of 277,669 Valley National Bancorp $VLY

Great Lakes Advisors LLC bought a new stake in Valley National Bancorp (NASDAQ:VLY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 277,669 shares of the company’s stock, valued at approximately $4,068,000.

Several other institutional investors also recently modified their holdings of VLY. Cedar Mountain Advisors LLC bought a new stake in shares of Valley National Bancorp during the first quarter worth approximately $26,000. Assetmark Inc. boosted its stake in Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after acquiring an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Valley National Bancorp in the fourth quarter valued at approximately $26,000. First Horizon Corp grew its holdings in Valley National Bancorp by 52.5% during the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after acquiring an additional 1,108 shares during the period. Finally, Geneos Wealth Management Inc. acquired a new stake in Valley National Bancorp during the 4th quarter worth $39,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Morgan Stanley reiterated a “positive” rating on shares of Valley National Bancorp in a research report on Monday, June 29th. JPMorgan Chase & Co. decreased their price objective on 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. Truist Financial upped their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a report on Friday, July 10th. Piper Sandler increased their target price on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Royal Bank Of Canada raised their target price on Valley National Bancorp from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $16.03.

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 stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.06% of the stock is owned by corporate insiders.

Valley National Bancorp Stock Down 2.2%

Shares of VLY stock opened at $14.12 on Friday. The firm has a fifty day moving average of $14.58 and a 200-day moving average of $13.58. 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 has a 12-month low of $9.64 and a 12-month high of $15.20. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 11.97 and a beta of 1.04.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million during 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 company’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 earnings per share. As a group, equities research analysts predict that Valley National Bancorp will post 1.28 earnings per share 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. Shareholders of record on Tuesday, September 15th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 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.