Valley National Bancorp (NASDAQ:VLY) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its position in Valley National Bancorp (NASDAQ:VLY) by 2.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,817,098 shares of the company’s stock after purchasing an additional 204,942 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.40% of Valley National Bancorp worth $69,494,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Natixis Advisors LLC acquired a new stake in Valley National Bancorp during the 1st quarter valued at $231,000. Bayforest Capital Ltd lifted its position in shares of Valley National Bancorp by 870.4% in the first quarter. Bayforest Capital Ltd now owns 60,000 shares of the company’s stock worth $533,000 after buying an additional 53,817 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Valley National Bancorp by 1.0% in the first quarter. Federated Hermes Inc. now owns 383,553 shares of the company’s stock worth $3,410,000 after buying an additional 3,634 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Valley National Bancorp by 2,749.1% in the first quarter. Mackenzie Financial Corp now owns 760,522 shares of the company’s stock worth $6,761,000 after buying an additional 733,829 shares during the last quarter. Finally, Bryce Point Capital LLC acquired a new stake in shares of Valley National Bancorp in the first quarter worth about $109,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Trading Up 0.6%

Shares of VLY stock opened at $10.06 on Friday. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.10. The company has a 50-day simple moving average of $9.26 and a two-hundred day simple moving average of $9.11. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 12.90 and a beta of 1.09. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.01. The firm had revenue of $495.01 million for the quarter, compared to analysts’ expectations of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the company posted $0.13 EPS. Research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a yield of 4.4%. Valley National Bancorp’s payout ratio is presently 56.41%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a “hold” rating and a $10.00 price objective on the stock. Truist Financial upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Friday, July 25th. Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Wall Street Zen upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Barclays reiterated an “underweight” rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.95.

Valley National Bancorp Profile

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.