Sei Investments Co. Purchases 186,260 Shares of Valley National Bancorp $VLY

Sei Investments Co. increased its position in shares of Valley National Bancorp (NASDAQ:VLY) by 67.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 461,493 shares of the company’s stock after acquiring an additional 186,260 shares during the quarter. Sei Investments Co. owned about 0.08% of Valley National Bancorp worth $5,667,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cedar Mountain Advisors LLC acquired a new position in shares of Valley National Bancorp during the first quarter worth $26,000. Assetmark Inc. grew its stake in Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Valley National Bancorp during the 4th quarter worth $26,000. First Horizon Corp increased its position in Valley National Bancorp by 52.5% during the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in Valley National Bancorp in the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 2.6%

Shares of VLY stock opened at $14.88 on Wednesday. Valley National Bancorp has a twelve month low of $9.08 and a twelve month high of $15.20. The stock has a market cap of $8.25 billion, a P/E ratio of 12.61 and a beta of 1.04. The stock has a 50 day moving average of $14.37 and a 200 day moving average of $13.37. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million during the quarter, compared to analysts’ expectations of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.23 EPS. As a group, sell-side analysts expect that Valley National Bancorp will post 1.28 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.0%. Valley National Bancorp’s dividend payout ratio is 37.29%.

Insider Transactions at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on VLY. TD Cowen restated a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods lifted their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Piper Sandler boosted their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Finally, JPMorgan Chase & Co. cut their price target on shares of Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.03.

Valley National Bancorp Company Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.