Russell Investments Group Ltd. Has $3.22 Million Stake in Valley National Bancorp $VLY

Russell Investments Group Ltd. grew its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 35.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 361,845 shares of the company’s stock after buying an additional 94,289 shares during the period. Russell Investments Group Ltd. owned approximately 0.06% of Valley National Bancorp worth $3,216,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. State of Michigan Retirement System raised its holdings in Valley National Bancorp by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company’s stock valued at $1,011,000 after acquiring an additional 1,200 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Valley National Bancorp by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company’s stock valued at $1,183,000 after purchasing an additional 1,300 shares during the period. Forum Financial Management LP raised its stake in shares of Valley National Bancorp by 7.8% in the first quarter. Forum Financial Management LP now owns 19,142 shares of the company’s stock valued at $170,000 after purchasing an additional 1,381 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Valley National Bancorp by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company’s stock valued at $494,000 after purchasing an additional 1,465 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its position in Valley National Bancorp by 2.8% in the first quarter. Linden Thomas Advisory Services LLC now owns 57,456 shares of the company’s stock worth $511,000 after purchasing an additional 1,576 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Trading Up 6.5%

Shares of VLY stock opened at $10.31 on Friday. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $11.10. The company has a market capitalization of $5.77 billion, a P/E ratio of 13.22 and a beta of 1.09. The firm has a 50-day moving average price of $9.37 and a 200 day moving average price of $9.09. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping 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 company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 earnings per share. Research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 56.41%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Truist Financial upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Friday, July 25th. Barclays reissued an “underweight” rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Morgan Stanley upgraded shares of Valley National Bancorp from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Finally, Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.95.

Valley National Bancorp Company 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.