Polar Asset Management Partners Inc. Invests $1.55 Million in Valley National Bancorp $VLY

Polar Asset Management Partners Inc. bought a new stake in shares of Valley National Bancorp (NASDAQ:VLY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 105,654 shares of the company’s stock, valued at approximately $1,548,000.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Valley National Bancorp by 5.9% in 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 buying an additional 15,771 shares during the period. Jones Financial Companies Lllp purchased a new stake in Valley National Bancorp during the 1st quarter worth about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 valued at $12,852,000 after buying an additional 255,870 shares during the last quarter. Focus Partners Wealth lifted its stake in Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock valued at $541,000 after buying an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in Valley National Bancorp in the 2nd quarter valued at about $119,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on VLY shares. UBS Group set a $17.00 price objective on Valley National Bancorp in a research note on Tuesday, July 7th. TD Cowen reissued a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Piper Sandler increased their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Hovde Group increased their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Finally, Cantor Fitzgerald boosted their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Three equities research 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 stock presently has an average rating of “Moderate Buy” and an average target price of $16.10.

Valley National Bancorp Trading Down 0.1%

NASDAQ:VLY opened at $14.09 on Thursday. The company has a market cap of $7.79 billion, a PE ratio of 11.94 and a beta of 1.04. The business’s 50 day moving average is $14.57 and its two-hundred day moving average is $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 has a 52 week low of $9.64 and a 52 week high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. 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 prior year, the company posted $0.23 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. On average, analysts predict that Valley National Bancorp will post 1.28 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm 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 $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 payout ratio is 37.29%.

Insider Activity at Valley National Bancorp

In related 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. This represents a 25.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.06% of the company’s stock.

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.