Valley National Bancorp $VLY Stock Acquired by Consolidated Investment Group LLC

Consolidated Investment Group LLC raised its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 17.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 266,200 shares of the company’s stock after purchasing an additional 40,000 shares during the period. Consolidated Investment Group LLC’s holdings in Valley National Bancorp were worth $3,359,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in VLY. BlackRock Inc. bought a new stake in shares of Valley National Bancorp in the 2nd quarter worth $1,079,026,000. Azora Capital LP bought a new position in shares of Valley National Bancorp during the second quarter valued at $150,121,000. Freestone Grove Partners LP bought a new position in shares of Valley National Bancorp during the second quarter valued at $88,872,000. Bank of New York Mellon Corp bought a new position in shares of Valley National Bancorp during the second quarter valued at $68,276,000. Finally, Wellington Management Group LLP boosted its position in shares of Valley National Bancorp by 29.5% during the second quarter. Wellington Management Group LLP now owns 20,091,604 shares of the company’s stock valued at $294,342,000 after buying an additional 4,576,448 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Citigroup lifted their price objective on Valley National Bancorp from $18.00 to $18.50 and gave the stock a “buy” rating in a report on Monday, October 26th. UBS Group boosted their target price on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Truist Financial upped their target price on shares of Valley National Bancorp from $16.50 to $17.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Valley National Bancorp in a report on Tuesday, September 29th. Finally, Morgan Stanley raised their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.86.

Valley National Bancorp Stock Performance

VLY stock opened at $14.30 on Tuesday. The company has a market cap of $7.90 billion, a P/E ratio of 11.35 and a beta of 1.09. Valley National Bancorp has a 1 year low of $10.34 and a 1 year high of $15.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s fifty day moving average price is $13.41 and its 200-day moving average price is $13.51.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, October 22nd. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. Valley National Bancorp had a net margin of 20.44% and a return on equity of 9.63%. The company had revenue of $581.10 million during the quarter, compared to analyst estimates of $577.82 million. During the same period in the previous year, the business posted $0.28 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. Valley National Bancorp’s payout ratio is presently 34.92%.

Valley National Bancorp Company Profile

Valley National Bancorp is a bank holding company whose principal subsidiary, Valley National Bank, provides banking and financial services to individuals, businesses and institutions. Its offerings include deposit accounts, commercial and residential lending, consumer loans, cash management and other business banking services, as well as wealth management and insurance services.

Founded in 1927, Valley is headquartered in Morristown, New Jersey. Its banking network serves customers in New Jersey, New York, Florida, Alabama and California, with services also available through digital channels.

Ira Robbins is Valley National Bancorp’s president and chief executive officer.