Principal Financial Group Inc. Has $9.79 Million Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

Principal Financial Group Inc. lifted its position in shares of Valley National Bancorp (NASDAQ:VLY) by 1.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,100,892 shares of the company’s stock after purchasing an additional 10,996 shares during the period. Principal Financial Group Inc. owned 0.20% of Valley National Bancorp worth $9,787,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of VLY. Vanguard Group Inc. boosted its holdings in shares of Valley National Bancorp by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company’s stock worth $453,020,000 after buying an additional 4,204,651 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Valley National Bancorp by 10.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company’s stock worth $259,692,000 after buying an additional 2,810,005 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Valley National Bancorp by 90.2% during the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company’s stock worth $154,558,000 after buying an additional 8,088,466 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Valley National Bancorp by 5.9% during the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company’s stock worth $107,122,000 after buying an additional 656,200 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Valley National Bancorp during the 4th quarter worth about $74,558,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wall Street Zen cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 17th. Barclays reiterated an “underweight” rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a “hold” rating and a $10.00 price objective for the company. Truist Financial began coverage on shares of Valley National Bancorp in a research report on Tuesday, May 13th. They set a “hold” rating and a $10.00 price objective for the company. Finally, Morgan Stanley upgraded shares of Valley National Bancorp from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.73.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $9.60 on Tuesday. The company’s 50 day moving average is $8.98 and its 200-day moving average is $9.09. Valley National Bancorp has a 12-month low of $7.18 and a 12-month high of $11.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm has a market cap of $5.38 billion, a P/E ratio of 13.91 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. During the same period last year, the company posted $0.19 EPS. Sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.58%. Valley National Bancorp’s dividend payout ratio (DPR) is 63.77%.

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.