Valley National Bancorp $VLY Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP lifted its position in shares of Valley National Bancorp (NASDAQ:VLY) by 29.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,091,604 shares of the company’s stock after acquiring an additional 4,576,448 shares during the quarter. Wellington Management Group LLP owned 3.64% of Valley National Bancorp worth $294,342,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of VLY. Compass Financial Management LLC purchased a new position in Valley National Bancorp during the second quarter worth $28,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Valley National Bancorp during the first quarter valued at $26,000. Assetmark Inc. boosted its stake in shares of Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after acquiring an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Valley National Bancorp during the 4th quarter worth about $26,000. Finally, Root Financial Partners LLC raised its stake in Valley National Bancorp by 127.3% in the 1st quarter. Root Financial Partners LLC now owns 3,976 shares of the company’s stock valued at $49,000 after purchasing an additional 2,227 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares in the company, valued at $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on VLY shares. Piper Sandler boosted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a report on Friday, June 26th. Royal Bank Of Canada reissued a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday. Truist Financial boosted their target price on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a report on Friday, July 10th. JPMorgan Chase & Co. cut their price target on shares of Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Finally, National Bank Financial set a $17.50 price objective on Valley National Bancorp in a report on Wednesday, July 1st. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.10.

Valley National Bancorp Stock Performance

VLY opened at $13.92 on Monday. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $7.69 billion, a PE ratio of 11.80 and a beta of 1.04. The firm’s fifty day moving average price is $14.56 and its 200 day moving average price is $13.61.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.Valley National Bancorp’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 earnings per share. As a group, research analysts expect that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp’s payout ratio is currently 37.29%.

Valley National Bancorp Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.