Valley National Bancorp (NASDAQ:VLY) Holdings Boosted by Pathstone Holdings LLC

Pathstone Holdings LLC increased its stake in Valley National Bancorp (NASDAQ:VLY) by 44.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 231,591 shares of the company’s stock after acquiring an additional 71,553 shares during the period. Pathstone Holdings LLC’s holdings in Valley National Bancorp were worth $2,098,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. LMR Partners LLP acquired a new stake in Valley National Bancorp in the third quarter worth $1,448,000. KBC Group NV lifted its position in Valley National Bancorp by 26.7% in the 3rd quarter. KBC Group NV now owns 14,450 shares of the company’s stock valued at $131,000 after purchasing an additional 3,041 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after purchasing an additional 5,322,278 shares during the period. Aigen Investment Management LP increased its stake in shares of Valley National Bancorp by 41.8% in the third quarter. Aigen Investment Management LP now owns 43,972 shares of the company’s stock valued at $398,000 after purchasing an additional 12,968 shares during the period. Finally, Covestor Ltd increased its stake in shares of Valley National Bancorp by 14.1% in the third quarter. Covestor Ltd now owns 21,480 shares of the company’s stock valued at $195,000 after purchasing an additional 2,647 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

NASDAQ VLY opened at $10.69 on Wednesday. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The business’s fifty day moving average is $9.48 and its two-hundred day moving average is $8.28. The stock has a market capitalization of $5.45 billion, a P/E ratio of 17.24 and a beta of 1.07. 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 announced its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The company had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. During the same period in the previous year, the firm earned $0.26 earnings per share. On average, research analysts forecast that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Friday, December 13th. Valley National Bancorp’s payout ratio is 70.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the company from $10.50 to $11.00 in a research report on Monday, November 11th. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $9.00 to $10.00 in a research report on Thursday, October 31st. Morgan Stanley increased their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Piper Sandler raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp has an average 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.