Valley National Bancorp $VLY Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP lifted its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 29.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 20,091,604 shares of the company’s stock after purchasing an additional 4,576,448 shares during the quarter. Wellington Management Group LLP’s holdings in Valley National Bancorp were worth $294,342,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in Valley National Bancorp by 24.5% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after acquiring an additional 855 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Valley National Bancorp by 5.7% in the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock worth $234,000 after purchasing an additional 863 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Valley National Bancorp by 2.1% in the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock worth $513,000 after purchasing an additional 918 shares during the last quarter. Rothschild Investment LLC boosted its position in Valley National Bancorp by 7.3% during the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock valued at $159,000 after purchasing an additional 923 shares during the period. Finally, Vident Advisory LLC grew its stake in Valley National Bancorp by 9.1% during the 4th quarter. Vident Advisory LLC now owns 11,760 shares of the company’s stock worth $137,000 after buying an additional 983 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Insider Buying and Selling

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares of the company’s stock, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.06% of the company’s stock.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $13.92 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. Valley National Bancorp has a 1-year low of $9.64 and a 1-year high of $15.20. The business’s fifty day moving average price is $14.56 and its two-hundred day moving average price is $13.61. The company has a market capitalization of $7.69 billion, a P/E ratio of 11.80 and a beta of 1.04.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $557.16 million. During the same period in the previous year, the company posted $0.23 EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, research analysts forecast that Valley National Bancorp will post 1.27 EPS for the current year.

Valley National Bancorp Announces Dividend

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

Analysts Set New Price Targets

VLY has been the topic of several analyst reports. Morgan Stanley reaffirmed a “positive” rating on shares of Valley National Bancorp in a research report on Monday, June 29th. UBS Group set a $17.00 price target on shares of Valley National Bancorp in a research report on Tuesday, July 7th. Piper Sandler increased their price objective on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a report on Friday, June 26th. JPMorgan Chase & Co. cut their price objective on shares of Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.10.

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.