Man Group plc Takes $7.07 Million Position in Valley National Bancorp $VLY

Man Group plc purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 482,756 shares of the company’s stock, valued at approximately $7,072,000.

A number of other institutional investors have also made changes to their positions in VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Valley National Bancorp by 5.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock valued at $2,508,000 after purchasing an additional 15,771 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Valley National Bancorp during the 1st quarter worth approximately $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Valley National Bancorp by 21.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock valued at $12,852,000 after buying an additional 255,870 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Valley National Bancorp by 34.9% in the 1st quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock valued at $541,000 after buying an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in shares of Valley National Bancorp in the second quarter valued at $119,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Trading Down 0.2%

VLY opened at $13.92 on Friday. Valley National Bancorp has a twelve month low of $9.64 and a twelve month high of $15.20. The company has a 50-day simple moving average of $14.56 and a 200 day simple moving average of $13.61. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of 11.80 and a beta of 1.04.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same period last year, the firm posted $0.23 EPS. Valley National Bancorp’s quarterly revenue was up 13.3% on a year-over-year basis. Analysts predict that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is 37.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Valley National Bancorp in a report on Monday, July 6th. Piper Sandler lifted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a report on Friday, June 26th. Cantor Fitzgerald boosted their price target on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Hovde Group upped their price objective on Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods raised their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.10.

Insider Activity at Valley National Bancorp

In other news, CAO Mitchell L. Crandell sold 25,495 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.06% of the stock is currently owned by corporate insiders.

Valley National Bancorp 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.