Pallas Capital Advisors LLC Makes New $763,000 Investment in Valley National Bancorp $VLY

Pallas Capital Advisors LLC purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 52,094 shares of the company’s stock, valued at approximately $763,000.

Other institutional investors have also modified their holdings of the company. Cedar Mountain Advisors LLC acquired a new position in shares of Valley National Bancorp in the 1st quarter valued at about $26,000. Assetmark Inc. grew its holdings in Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after acquiring an additional 1,189 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Valley National Bancorp during the fourth quarter worth about $26,000. First Horizon Corp raised its position in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after acquiring an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in Valley National Bancorp during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $14.86 on Wednesday. The stock has a market capitalization of $8.21 billion, a price-to-earnings ratio of 12.59 and a beta of 1.04. Valley National Bancorp has a twelve month low of $9.64 and a twelve month high of $15.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $14.58 and a 200 day moving average of $13.56.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. During the same quarter in the prior year, the company posted $0.23 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. Sell-side analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.0%. Valley National Bancorp’s dividend payout ratio (DPR) is 37.29%.

Wall Street Analysts Forecast Growth

VLY has been the subject of a number of analyst reports. Morgan Stanley reissued a “positive” rating on shares of Valley National Bancorp in a report on Monday, June 29th. Piper Sandler raised their price objective on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research note on Friday, June 26th. National Bank Financial set a $17.50 target price on shares of Valley National Bancorp in a report on Wednesday, July 1st. Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, TD Cowen reissued a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Valley National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $16.03.

Insider Activity

In related news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares of the company’s stock, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.06% of the stock is owned by company insiders.

Valley National Bancorp 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.