Inspire Investing LLC Cuts Holdings in Valley National Bancorp $VLY

Inspire Investing LLC decreased its position in Valley National Bancorp (NASDAQ:VLY) by 12.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,573 shares of the company’s stock after selling 5,634 shares during the period. Inspire Investing LLC’s holdings in Valley National Bancorp were worth $343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its stake in shares of Valley National Bancorp by 2.8% during the fourth quarter. Ameriprise Financial Inc. now owns 684,453 shares of the company’s stock worth $6,207,000 after purchasing an additional 18,372 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Valley National Bancorp by 51.9% during the fourth quarter. Deutsche Bank AG now owns 430,420 shares of the company’s stock worth $3,900,000 after purchasing an additional 147,001 shares in the last quarter. Focus Partners Wealth purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth about $409,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Valley National Bancorp by 12.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 266,372 shares of the company’s stock worth $2,413,000 after purchasing an additional 30,284 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of Valley National Bancorp by 4.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,481,711 shares of the company’s stock worth $13,424,000 after purchasing an additional 68,740 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $10.58 on Wednesday. The firm has a market cap of $5.92 billion, a PE ratio of 13.56 and a beta of 1.13. Valley National Bancorp has a 52-week low of $7.48 and a 52-week 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 company’s 50 day moving average is $9.90 and its two-hundred day moving average is $9.17.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same period in the prior year, the business earned $0.13 EPS. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. On average, research analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. Valley National Bancorp’s dividend payout ratio is currently 56.41%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. National Bankshares set a $13.50 target price on shares of Valley National Bancorp in a research note on Monday. Royal Bank Of Canada upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Hovde Group assumed coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They set an “outperform” rating and a $12.50 price objective for the company. Morgan Stanley upped their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Tuesday, September 9th. Finally, Truist Financial upped their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.85.

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.