Comerica Bank Sells 2,965 Shares of Valley National Bancorp (NASDAQ:VLY)

Comerica Bank decreased its position in shares of Valley National Bancorp (NASDAQ:VLYGet Rating) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 189,220 shares of the company’s stock after selling 2,965 shares during the quarter. Comerica Bank’s holdings in Valley National Bancorp were worth $2,153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. US Bancorp DE grew its stake in shares of Valley National Bancorp by 82.6% during the 3rd quarter. US Bancorp DE now owns 2,527 shares of the company’s stock worth $28,000 after acquiring an additional 1,143 shares during the period. Asset Dedication LLC bought a new position in shares of Valley National Bancorp during the 3rd quarter worth $51,000. CWM LLC grew its stake in shares of Valley National Bancorp by 30.9% during the 3rd quarter. CWM LLC now owns 6,442 shares of the company’s stock worth $70,000 after acquiring an additional 1,522 shares during the period. Truist Financial Corp grew its stake in shares of Valley National Bancorp by 124.5% during the 3rd quarter. Truist Financial Corp now owns 62,575 shares of the company’s stock worth $676,000 after acquiring an additional 34,699 shares during the period. Finally, Inverness Counsel LLC NY bought a new position in Valley National Bancorp in the 3rd quarter worth about $763,000. Institutional investors own 54.77% of the company’s stock.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $10.82 on Friday. The stock has a market cap of $5.48 billion, a P/E ratio of 10.21 and a beta of 1.12. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.26. Valley National Bancorp has a twelve month low of $10.01 and a twelve month high of $14.80. The business’s 50-day moving average price is $11.74 and its two-hundred day moving average price is $11.74.

Valley National Bancorp (NASDAQ:VLYGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $510.19 million for the quarter, compared to analysts’ expectations of $505.78 million. Valley National Bancorp had a return on equity of 10.78% and a net margin of 27.19%. As a group, equities analysts predict that Valley National Bancorp will post 1.31 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th were issued a dividend of $0.11 per share. The ex-dividend date was Wednesday, December 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.07%. Valley National Bancorp’s dividend payout ratio is 41.51%.

Analyst Ratings Changes

Several research analysts have commented on VLY shares. StockNews.com started coverage on Valley National Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. JPMorgan Chase & Co. cut their target price on Valley National Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, December 13th. Piper Sandler cut their target price on Valley National Bancorp to $14.00 in a research note on Wednesday, October 5th. Hovde Group cut their target price on Valley National Bancorp to $14.00 in a research note on Tuesday, November 1st. Finally, Morgan Stanley assumed coverage on Valley National Bancorp in a report on Monday, December 5th. They issued an “equal weight” rating and a $14.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.71.

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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