AE Wealth Management LLC Sells 1,066 Shares of Valley National Bancorp (NASDAQ:VLY)

AE Wealth Management LLC cut its holdings in Valley National Bancorp (NASDAQ:VLYGet Rating) by 8.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,194 shares of the company’s stock after selling 1,066 shares during the period. AE Wealth Management LLC’s holdings in Valley National Bancorp were worth $121,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of VLY. Envestnet Asset Management Inc. bought a new position in Valley National Bancorp during the first quarter valued at about $276,000. HighTower Advisors LLC boosted its stake in Valley National Bancorp by 179.4% in the first quarter. HighTower Advisors LLC now owns 34,453 shares of the company’s stock valued at $450,000 after acquiring an additional 22,120 shares during the last quarter. Cetera Advisor Networks LLC grew its position in shares of Valley National Bancorp by 29.2% during the 1st quarter. Cetera Advisor Networks LLC now owns 37,654 shares of the company’s stock valued at $490,000 after acquiring an additional 8,514 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Valley National Bancorp by 16.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 35,562 shares of the company’s stock worth $463,000 after purchasing an additional 4,951 shares during the last quarter. Finally, Natixis Advisors L.P. bought a new stake in shares of Valley National Bancorp in the 1st quarter worth approximately $207,000. 54.77% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 0.8 %

Shares of NASDAQ VLY opened at $10.82 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.48 billion, a P/E ratio of 10.21 and a beta of 1.12. Valley National Bancorp has a 52 week low of $10.01 and a 52 week high of $14.80. The business has a 50-day simple moving average of $11.74 and a two-hundred day simple moving average of $11.74.

Valley National Bancorp (NASDAQ:VLYGet Rating) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $510.19 million for the quarter, compared to the consensus estimate of $505.78 million. Valley National Bancorp had a net margin of 27.19% and a return on equity of 10.78%. Research analysts anticipate that Valley National Bancorp will post 1.31 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.07%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 41.51%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. decreased their target price on Valley National Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, December 13th. Hovde Group decreased their price objective on Valley National Bancorp to $14.00 in a report on Tuesday, November 1st. Raymond James began coverage on shares of Valley National Bancorp in a report on Tuesday, December 20th. They set a “strong-buy” rating and a $14.00 price objective on the stock. Morgan Stanley began coverage on shares of Valley National Bancorp in a research note on Monday, December 5th. They issued an “equal weight” rating and a $14.00 target price for the company. Finally, Piper Sandler dropped their price target on shares of Valley National Bancorp to $14.00 in a research note on Wednesday, October 5th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.71.

Valley National Bancorp Company Profile

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Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Commercial Lending, Consumer Lending, and Investment Management segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.

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Institutional Ownership by Quarter for Valley National Bancorp (NASDAQ:VLY)

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