2,141,217 Shares in Valley National Bancorp (NASDAQ:VLY) Purchased by Basswood Capital Management L.L.C.

Basswood Capital Management L.L.C. bought a new stake in Valley National Bancorp (NASDAQ:VLY) during the third quarter, Holdings Channel.com reports. The fund bought 2,141,217 shares of the company’s stock, valued at approximately $19,399,000.

Several other institutional investors also recently added to or reduced their stakes in VLY. Paloma Partners Management Co bought a new position in shares of Valley National Bancorp during the 3rd quarter worth about $169,000. Kestra Investment Management LLC acquired a new stake in Valley National Bancorp during the third quarter worth about $515,000. Edgestream Partners L.P. increased its stake in Valley National Bancorp by 153.3% during the third quarter. Edgestream Partners L.P. now owns 461,232 shares of the company’s stock valued at $4,179,000 after acquiring an additional 279,165 shares during the period. Verition Fund Management LLC raised its holdings in Valley National Bancorp by 416.7% in the 3rd quarter. Verition Fund Management LLC now owns 852,884 shares of the company’s stock valued at $7,727,000 after acquiring an additional 687,813 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in Valley National Bancorp by 9.0% in the 3rd quarter. Captrust Financial Advisors now owns 52,610 shares of the company’s stock valued at $477,000 after acquiring an additional 4,344 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

VLY has been the topic of a number of research reports. Piper Sandler boosted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Morgan Stanley lifted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Wedbush reissued a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Finally, Royal Bank of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.88.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $10.64 on Monday. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 17.16 and a beta of 1.07. The firm’s 50-day moving average price is $9.57 and its two-hundred day moving average price is $8.34. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22.

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

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.14%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

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.