Creative Planning Buys 14,794 Shares of Valley National Bancorp (NASDAQ:VLY)

Creative Planning grew its position in shares of Valley National Bancorp (NASDAQ:VLY) by 30.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,665 shares of the company’s stock after purchasing an additional 14,794 shares during the period. Creative Planning’s holdings in Valley National Bancorp were worth $577,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC raised its stake in Valley National Bancorp by 416.8% during the third 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. CWM LLC increased its holdings in shares of Valley National Bancorp by 171.9% in the 3rd quarter. CWM LLC now owns 22,232 shares of the company’s stock worth $201,000 after buying an additional 14,054 shares during the last quarter. Ignite Planners LLC raised its position in shares of Valley National Bancorp by 3.4% during the 3rd quarter. Ignite Planners LLC now owns 65,107 shares of the company’s stock valued at $590,000 after buying an additional 2,170 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Valley National Bancorp by 189.7% in the third quarter. SG Americas Securities LLC now owns 45,928 shares of the company’s stock worth $416,000 after acquiring an additional 30,073 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock opened at $9.36 on Tuesday. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The stock’s fifty day moving average price is $8.90 and its 200-day moving average price is $7.99. The firm has a market cap of $4.77 billion, a P/E ratio of 15.10 and a beta of 1.06. 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 (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the prior year, the company earned $0.26 EPS. On average, equities research analysts expect that Valley National Bancorp will post 0.67 earnings per share for the current fiscal 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 given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s payout ratio is currently 70.97%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on VLY. JPMorgan Chase & Co. raised their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Piper Sandler upped their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Morgan Stanley raised their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Royal Bank of Canada upped their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $9.75.

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.