Valley National Bancorp (NASDAQ:VLY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in shares of Valley National Bancorp (NASDAQ:VLY) by 28.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,024,070 shares of the company’s stock after selling 791,108 shares during the period. Bank of America Corp DE owned about 0.40% of Valley National Bancorp worth $18,338,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. R Squared Ltd acquired a new position in Valley National Bancorp during the 4th quarter valued at approximately $25,000. Optiver Holding B.V. boosted its holdings in shares of Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company’s stock valued at $46,000 after acquiring an additional 2,271 shares during the period. CreativeOne Wealth LLC acquired a new position in shares of Valley National Bancorp during the fourth quarter valued at $102,000. Sapient Capital LLC bought a new position in shares of Valley National Bancorp during the fourth quarter worth about $103,000. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Valley National Bancorp by 9.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company’s stock worth $104,000 after acquiring an additional 1,002 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

VLY has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Royal Bank of Canada lifted their target price on Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Finally, Truist Financial initiated coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They issued a “hold” rating and a $10.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.60.

Valley National Bancorp Stock Down 0.1%

Shares of VLY stock opened at $9.04 on Wednesday. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The business’s fifty day moving average is $8.66 and its 200-day moving average is $9.39. The stock has a market cap of $5.06 billion, a PE ratio of 13.10 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. The firm had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. During the same period in the prior year, the business earned $0.19 EPS. Equities analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

About Valley National Bancorp

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.