Victory Capital Management Inc. Buys 5,322,278 Shares of Valley National Bancorp (NASDAQ:VLY)

Victory Capital Management Inc. boosted its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 1,501.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,676,685 shares of the company’s stock after acquiring an additional 5,322,278 shares during the period. Victory Capital Management Inc. owned 1.11% of Valley National Bancorp worth $51,431,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. bought a new stake in shares of Valley National Bancorp during the 3rd quarter worth approximately $25,000. Innealta Capital LLC bought a new position in Valley National Bancorp in the second quarter valued at approximately $38,000. EntryPoint Capital LLC acquired a new position in Valley National Bancorp during the first quarter valued at approximately $43,000. Blue Trust Inc. lifted its stake in Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after purchasing an additional 1,564 shares during the last quarter. Finally, Hexagon Capital Partners LLC boosted its holdings in shares of Valley National Bancorp by 416.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after purchasing an additional 5,001 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on VLY shares. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.50 to $11.00 in a report on Monday. Morgan Stanley increased their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. Royal Bank of Canada increased 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, October 25th. Finally, Piper Sandler raised their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.88.

Valley National Bancorp Trading Down 0.4 %

Shares of NASDAQ VLY opened at $10.14 on Friday. The stock has a market cap of $5.16 billion, a P/E ratio of 16.35 and a beta of 1.07. The firm has a 50 day moving average price of $9.12 and a two-hundred day moving average price of $8.10. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same period last year, the company earned $0.26 EPS. As a group, equities analysts forecast that Valley National Bancorp will post 0.66 EPS for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

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.