Valley National Bancorp (NASDAQ:VLY) Shares Sold by Comerica Bank

Comerica Bank reduced its stake in shares of Valley National Bancorp (NASDAQ:VLY – Get Rating) by 1.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 189,220 shares of the company’s stock after selling 2,965 shares during the quarter. Comerica Bank’s holdings in Valley National Bancorp were worth $2,153,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in VLY. Envestnet Asset Management Inc. purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at approximately $276,000. HighTower Advisors LLC raised its position in shares of Valley National Bancorp by 179.4% during the 1st quarter. HighTower Advisors LLC now owns 34,453 shares of the company’s stock valued at $450,000 after buying an additional 22,120 shares during the period. Cetera Advisor Networks LLC raised 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 buying an additional 8,514 shares during the period. PNC Financial Services Group Inc. raised its position 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 valued at $463,000 after buying an additional 4,951 shares during the period. Finally, Natixis Advisors L.P. purchased a new stake in Valley National Bancorp in the first quarter valued at approximately $207,000. Hedge funds and other institutional investors own 54.77% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $10.82 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26. The firm has a fifty day moving average price of $11.74 and a 200 day moving average price of $11.74. 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 12 month low of $10.01 and a 12 month high of $14.80.

Valley National Bancorp (NASDAQ:VLY – Get Rating) last issued its earnings results on Thursday, October 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $510.19 million during 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%. Sell-side analysts predict that Valley National Bancorp will post 1.31 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, January 3rd. Shareholders of record on Thursday, December 15th were paid a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.44 annualized dividend and a yield of 4.07%. Valley National Bancorp’s dividend payout ratio is presently 41.51%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com assumed coverage on Valley National Bancorp in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Piper Sandler cut their target price on Valley National Bancorp to $14.00 in a research report on Wednesday, October 5th. Raymond James assumed coverage on Valley National Bancorp in a research report on Tuesday, December 20th. They issued a “strong-buy” rating and a $14.00 target price on the stock. Morgan Stanley assumed coverage on Valley National Bancorp in a research report on Monday, December 5th. They set an “equal weight” rating and a $14.00 price objective on the stock. Finally, Hovde Group cut their price objective on Valley National Bancorp to $14.00 in a research report on Tuesday, November 1st. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Valley National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $13.71.

Valley National Bancorp 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.