Valley National Bancorp (NASDAQ:VLY) Shares Sold by Swiss National Bank

Swiss National Bank lessened its stake in Valley National Bancorp (NASDAQ:VLY) by 0.6% during the third quarter, Holdings Channel reports. The firm owned 844,860 shares of the company’s stock after selling 5,500 shares during the period. Swiss National Bank’s holdings in Valley National Bancorp were worth $7,654,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in VLY. Harbor Capital Advisors Inc. acquired a new position in shares of Valley National Bancorp during the 3rd quarter valued at $25,000. Blue Trust Inc. lifted its holdings in shares of Valley National Bancorp by 48.2% during the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock valued at $44,000 after acquiring an additional 1,564 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Valley National Bancorp during the 1st quarter valued at $43,000. Innealta Capital LLC acquired a new position in shares of Valley National Bancorp during the 2nd quarter valued at $38,000. Finally, Hexagon Capital Partners LLC lifted its holdings in shares of Valley National Bancorp by 416.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after acquiring an additional 5,001 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

VLY opened at $10.78 on Tuesday. The company has a 50-day moving average of $9.44 and a 200-day moving average of $8.26. The company has a market capitalization of $5.49 billion, a P/E ratio of 17.39 and a beta of 1.07. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. 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 (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the previous year, the firm earned $0.26 EPS. Equities analysts expect that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Friday, December 13th. Valley National Bancorp’s dividend payout ratio is presently 70.97%.

Wall Street Analysts Forecast Growth

VLY has been the topic of several recent research reports. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $9.00 to $10.00 in a report on Thursday, October 31st. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Piper Sandler boosted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.50 to $11.00 in a report on Monday, November 11th. Finally, Royal Bank of Canada boosted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.88.

About Valley National Bancorp

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.