First Trust Advisors LP Has $17.33 Million Position in Valley National Bancorp $VLY

First Trust Advisors LP raised its holdings in Valley National Bancorp (NASDAQ:VLY) by 6.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,411,434 shares of the company’s stock after purchasing an additional 80,308 shares during the period. First Trust Advisors LP’s holdings in Valley National Bancorp were worth $17,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in VLY. Geode Capital Management LLC lifted its holdings in shares of Valley National Bancorp by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company’s stock worth $152,200,000 after acquiring an additional 247,651 shares during the period. Marshall Wace LLP boosted its position in shares of Valley National Bancorp by 1,013.8% during the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock valued at $79,787,000 after acquiring an additional 6,217,716 shares in the last quarter. Norges Bank bought a new stake in Valley National Bancorp in the fourth quarter valued at about $71,554,000. AQR Capital Management LLC increased its stake in Valley National Bancorp by 3.9% in the fourth quarter. AQR Capital Management LLC now owns 6,024,409 shares of the company’s stock valued at $70,365,000 after acquiring an additional 224,996 shares during the period. Finally, UBS Group AG raised its position in Valley National Bancorp by 404.7% in the third quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock worth $62,197,000 after purchasing an additional 4,704,971 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Trading Down 1.4%

Shares of VLY stock opened at $14.28 on Thursday. The company has a market capitalization of $7.91 billion, a P/E ratio of 12.10 and a beta of 1.03. Valley National Bancorp has a 12-month low of $8.95 and a 12-month high of $15.20. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $14.29 and a 200 day moving average price of $13.29.

Valley National Bancorp (NASDAQ:VLY) last posted 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). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The firm had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same period in the previous year, the business posted $0.23 EPS. The business’s quarterly revenue was up 13.3% on a year-over-year basis. Research analysts forecast that Valley National Bancorp will post 1.28 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 yield of 3.1%. Valley National Bancorp’s payout ratio is presently 37.29%.

Insider Buying and Selling

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the business’s 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 transaction, the chief accounting officer owned 76,116 shares of the company’s stock, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 1.06% of the company’s stock.

Wall Street Analyst Weigh In

VLY has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price target 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. 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 research note on Friday, July 10th. Cantor Fitzgerald increased their target price on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Piper Sandler raised their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Three investment 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.03.

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.