Connable Office Inc. Decreases Holdings in Valley National Bancorp (NASDAQ:VLY)

Connable Office Inc. lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 49.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,211 shares of the company’s stock after selling 11,962 shares during the period. Connable Office Inc.’s holdings in Valley National Bancorp were worth $111,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in VLY. Harbor Capital Advisors Inc. purchased a new stake in Valley National Bancorp during the third quarter worth about $25,000. Innealta Capital LLC bought a new position in Valley National Bancorp during the second quarter worth about $38,000. EntryPoint Capital LLC bought a new position in Valley National Bancorp during the first quarter worth about $43,000. Blue Trust Inc. boosted its position in Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after purchasing an additional 1,564 shares during the period. Finally, Hexagon Capital Partners LLC boosted its position in Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after purchasing an additional 5,001 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VLY. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $10.50 to $11.00 in a research report on Monday, November 11th. Piper Sandler increased their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Finally, Wedbush reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research note on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $9.88.

Valley National Bancorp Price Performance

VLY stock opened at $10.19 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The stock has a market cap of $5.19 billion, a PE ratio of 16.44 and a beta of 1.07. The firm has a 50 day simple moving average of $9.20 and a two-hundred day simple moving average of $8.13.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The business had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same quarter in the previous year, the company earned $0.26 EPS. On average, analysts predict that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.11 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.32%. Valley National Bancorp’s payout ratio is 70.97%.

Valley National Bancorp Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.