Commonwealth Equity Services LLC Reduces Holdings in Valley National Bancorp (NASDAQ:VLY)

Commonwealth Equity Services LLC lowered its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 267,496 shares of the company’s stock after selling 9,683 shares during the quarter. Commonwealth Equity Services LLC owned about 0.05% of Valley National Bancorp worth $2,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. R Squared Ltd bought a new stake in shares of Valley National Bancorp during the 4th quarter valued at $25,000. Sapient Capital LLC bought a new stake in Valley National Bancorp during the fourth quarter worth about $103,000. Empowered Funds LLC grew its holdings in Valley National Bancorp by 12.0% in the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company’s stock worth $116,000 after purchasing an additional 1,371 shares during the period. Townsquare Capital LLC grew its holdings in Valley National Bancorp by 11.8% in the third quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock worth $130,000 after purchasing an additional 1,521 shares during the period. Finally, Pine Valley Investments Ltd Liability Co purchased a new position in shares of Valley National Bancorp during the third quarter valued at approximately $154,000. 61.00% of the stock is owned by institutional investors.

Insider Activity

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

Valley National Bancorp Stock Down 0.9 %

Shares of Valley National Bancorp stock opened at $9.03 on Thursday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $9.59 and its 200 day moving average is $9.50. The company has a market cap of $5.06 billion, a price-to-earnings ratio of 13.09 and a beta of 1.11.

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

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Friday, March 14th. Valley National Bancorp’s payout ratio is currently 63.77%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Piper Sandler upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price target on the stock in a research note on Monday. Stephens reissued an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Citigroup upped their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Finally, Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $10.78.

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.