AlphaQuest LLC Raises Holdings in Valley National Bancorp $VLY

AlphaQuest LLC lifted its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 5.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,240 shares of the company’s stock after purchasing an additional 2,704 shares during the period. AlphaQuest LLC’s holdings in Valley National Bancorp were worth $440,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of VLY. GAMMA Investing LLC increased its stake in shares of Valley National Bancorp by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock worth $83,000 after purchasing an additional 1,709 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $652,000. Principal Financial Group Inc. increased its stake in shares of Valley National Bancorp by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company’s stock worth $9,787,000 after purchasing an additional 10,996 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in shares of Valley National Bancorp by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company’s stock worth $152,000 after purchasing an additional 4,261 shares in the last quarter. Finally, Hourglass Capital LLC boosted its position in Valley National Bancorp by 6.3% during the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company’s stock worth $3,952,000 after acquiring an additional 26,280 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VLY. Truist Financial raised their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Cantor Fitzgerald raised their target price on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday. Barclays restated a “positive” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Janney Montgomery Scott upgraded shares of Valley National Bancorp to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $13.25.

Valley National Bancorp Stock Down 2.1%

Shares of VLY opened at $10.96 on Thursday. The firm has a market cap of $6.13 billion, a PE ratio of 12.45 and a beta of 1.12. The company’s fifty day moving average is $10.59 and its two-hundred day moving average is $9.59. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.35. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The company had revenue of $511.11 million for the quarter, compared to analyst estimates of $511.47 million. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. Valley National Bancorp’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $0.18 EPS. Analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Monday, December 15th. Valley National Bancorp’s dividend payout ratio (DPR) is 50.00%.

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.