PFG Investments LLC Purchases New Shares in Valley National Bancorp (NASDAQ:VLY)

PFG Investments LLC acquired a new position in Valley National Bancorp (NASDAQ:VLY) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,430 shares of the company’s stock, valued at approximately $131,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in shares of Valley National Bancorp by 378.4% during the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock worth $4,874,000 after buying an additional 484,332 shares in the last quarter. SG Americas Securities LLC acquired a new position in Valley National Bancorp during the 1st quarter worth $1,021,000. State Board of Administration of Florida Retirement System grew its holdings in Valley National Bancorp by 74.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after acquiring an additional 106,290 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Valley National Bancorp by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its position in shares of Valley National Bancorp by 821.0% during the first quarter. Edgestream Partners L.P. now owns 392,578 shares of the company’s stock worth $3,125,000 after purchasing an additional 349,954 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

VLY stock opened at $9.47 on Friday. The stock’s fifty day moving average is $8.88 and its two-hundred day moving average is $7.95. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 15.27 and a beta of 1.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. During the same period last year, the firm posted $0.26 EPS. On average, research analysts predict that Valley National Bancorp will post 0.67 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 70.97%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank of Canada boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. Piper Sandler raised their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, Morgan Stanley raised their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.75.

Valley National Bancorp Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.