Bayforest Capital Ltd Has $575,000 Holdings in Valley National Bancorp $VLY

Bayforest Capital Ltd boosted its stake in Valley National Bancorp (NASDAQ:VLY) by 7.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,409 shares of the company’s stock after purchasing an additional 4,409 shares during the quarter. Bayforest Capital Ltd’s holdings in Valley National Bancorp were worth $575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of VLY. Principal Financial Group Inc. raised its stake in Valley National Bancorp by 1.0% during the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company’s stock worth $9,787,000 after acquiring an additional 10,996 shares in the last quarter. GAMMA Investing LLC raised its stake in Valley National Bancorp by 22.4% during the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock worth $83,000 after acquiring an additional 1,709 shares in the last quarter. Hourglass Capital LLC raised its stake 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 in the last quarter. OneDigital Investment Advisors LLC raised its stake in Valley National Bancorp by 33.3% during the first quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company’s stock worth $152,000 after acquiring an additional 4,261 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Valley National Bancorp by 230.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company’s stock worth $1,314,000 after acquiring an additional 103,159 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on VLY shares. Morgan Stanley boosted their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. Citigroup raised Valley National Bancorp from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $10.00 to $13.50 in a research note on Monday, September 15th. Barclays reaffirmed a “positive” rating on shares of Valley National Bancorp in a research note on Wednesday, October 8th. Finally, National Bankshares set a $14.00 price objective on Valley National Bancorp in a research note on Monday, September 29th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.68.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $10.79 on Wednesday. The company has a market capitalization of $6.04 billion, a PE ratio of 13.83 and a beta of 1.12. The company has a 50 day simple moving average of $10.41 and a two-hundred day simple moving average of $9.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.16.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. Research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Valley National Bancorp’s dividend payout ratio is currently 56.41%.

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.