Kestra Investment Management LLC Acquires New Shares in Valley National Bancorp (NASDAQ:VLY)

Kestra Investment Management LLC bought a new stake in Valley National Bancorp (NASDAQ:VLY) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 56,816 shares of the company’s stock, valued at approximately $515,000.

Several other institutional investors have also recently bought and sold shares of the business. Intech Investment Management LLC grew its holdings in shares of Valley National Bancorp by 332.7% during the 3rd quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock valued at $1,481,000 after purchasing an additional 125,695 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Valley National Bancorp by 1,501.7% during the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after buying an additional 5,322,278 shares during the last quarter. Waterfall Asset Management LLC acquired a new position in shares of Valley National Bancorp during the second quarter worth $1,693,000. Nisa Investment Advisors LLC lifted its stake in shares of Valley National Bancorp by 34.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock valued at $1,107,000 after acquiring an additional 39,750 shares during the last quarter. Finally, Pathstone Holdings LLC boosted its holdings in shares of Valley National Bancorp by 44.7% during the 3rd quarter. Pathstone Holdings LLC now owns 231,591 shares of the company’s stock valued at $2,098,000 after acquiring an additional 71,553 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on VLY. Wedbush reiterated a “neutral” rating and issued a $10.00 target price on shares of Valley National Bancorp in a research report on Friday, October 25th. 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 report on Friday, October 25th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $10.50 to $11.00 in a research report on Monday, November 11th. Royal Bank of Canada upped their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Morgan Stanley lifted 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 report on Monday, September 30th. One 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 MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.88.

Valley National Bancorp Stock Down 0.4 %

Shares of Valley National Bancorp stock opened at $10.64 on Monday. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of 17.16 and a beta of 1.07. The stock’s 50-day moving average is $9.57 and its 200 day moving average is $8.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS 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 last year, the firm posted $0.26 EPS. Equities research analysts anticipate that Valley National Bancorp will post 0.66 EPS for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.14%. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Valley National Bancorp Company 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.