Corebridge Financial Inc. Purchases 33,125 Shares of Valley National Bancorp (NASDAQ:VLY)

Corebridge Financial Inc. lifted its position in Valley National Bancorp (NASDAQ:VLY) by 4.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 766,535 shares of the company’s stock after buying an additional 33,125 shares during the period. Corebridge Financial Inc.’s holdings in Valley National Bancorp were worth $6,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new position in Valley National Bancorp in the third quarter worth about $515,000. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Valley National Bancorp by 17.0% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company’s stock worth $323,000 after buying an additional 5,181 shares during the last quarter. Bank of New York Mellon Corp grew its position in Valley National Bancorp by 27.8% during the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company’s stock valued at $55,278,000 after buying an additional 1,327,829 shares during the period. JPMorgan Chase & Co. increased its holdings in Valley National Bancorp by 41.7% during the third quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company’s stock valued at $13,539,000 after buying an additional 439,831 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Valley National Bancorp by 9.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company’s stock worth $68,966,000 after acquiring an additional 640,933 shares during the period. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

VLY stock opened at $8.78 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The company’s fifty day moving average price is $9.56 and its 200-day moving average price is $9.50. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a market capitalization of $4.92 billion, a PE ratio of 12.72 and a beta of 1.11.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the previous year, the firm posted $0.22 earnings per share. On average, equities analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.01%. The ex-dividend date is Friday, March 14th. Valley National Bancorp’s dividend payout ratio is presently 63.77%.

Insiders Place Their Bets

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of Valley National Bancorp stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares of the company’s stock, valued at $5,056,492.29. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Royal Bank of Canada raised their price objective on Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Piper Sandler raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price objective on the stock in a research report on Monday, March 24th. JPMorgan Chase & Co. increased their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Finally, Stephens reiterated an “overweight” rating and issued a $12.50 price target on shares of Valley National Bancorp in a research report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.78.

Valley National Bancorp Company 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.