Bank of Nova Scotia Takes Position in Valley National Bancorp (NASDAQ:VLY)

Bank of Nova Scotia acquired a new stake in Valley National Bancorp (NASDAQ:VLYGet Rating) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 57,185 shares of the company’s stock, valued at approximately $595,000.

Several other hedge funds also recently modified their holdings of VLY. Meeder Asset Management Inc. bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $25,000. J.W. Cole Advisors Inc. bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $25,000. Exchange Traded Concepts LLC bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $44,000. Sandy Spring Bank acquired a new stake in Valley National Bancorp in the 2nd quarter valued at about $46,000. Finally, CWM LLC lifted its stake in Valley National Bancorp by 119.6% in the 2nd quarter. CWM LLC now owns 4,920 shares of the company’s stock valued at $51,000 after purchasing an additional 2,680 shares during the last quarter. Institutional investors own 68.99% of the company’s stock.

Valley National Bancorp Trading Up 0.4 %

Shares of VLY stock opened at $12.16 on Tuesday. The firm has a 50 day moving average price of $11.48 and a two-hundred day moving average price of $11.40. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $6.16 billion, a PE ratio of 11.47 and a beta of 1.10. Valley National Bancorp has a 12-month low of $10.01 and a 12-month high of $15.10.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.44 annualized dividend and a yield of 3.62%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 41.51%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VLY. Piper Sandler cut their target price on shares of Valley National Bancorp to $14.00 in a research note on Wednesday, October 5th. StockNews.com began coverage on shares of Valley National Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Janney Montgomery Scott began coverage on shares of Valley National Bancorp in a research note on Thursday, August 4th. They issued a “buy” rating for the company. Finally, Hovde Group cut their target price on shares of Valley National Bancorp to $14.00 in a research note on Tuesday, November 1st.

Valley National Bancorp Company Profile

(Get Rating)

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Commercial Lending, Consumer Lending, and Investment Management segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.

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Institutional Ownership by Quarter for Valley National Bancorp (NASDAQ:VLY)

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