Valley National Bancorp (NASDAQ:VLY) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its position in Valley National Bancorp (NASDAQ:VLY) by 60.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 299,963 shares of the company’s stock after purchasing an additional 113,527 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.06% of Valley National Bancorp worth $3,258,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Quarry LP boosted its stake in shares of Valley National Bancorp by 198.1% during the first quarter. Quarry LP now owns 3,070 shares of the company’s stock valued at $28,000 after acquiring an additional 2,040 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Valley National Bancorp by 46.3% in the 4th quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock worth $58,000 after buying an additional 1,631 shares during the last quarter. Advisory Services Network LLC boosted its stake in Valley National Bancorp by 24.4% in the 1st quarter. Advisory Services Network LLC now owns 8,665 shares of the company’s stock worth $80,000 after buying an additional 1,700 shares during the last quarter. Covestor Ltd boosted its stake in Valley National Bancorp by 73.0% in the 1st quarter. Covestor Ltd now owns 6,213 shares of the company’s stock worth $81,000 after buying an additional 2,622 shares during the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Valley National Bancorp in the 3rd quarter worth about $93,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Citigroup cut their price objective on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, February 16th. Barclays assumed coverage on Valley National Bancorp in a report on Friday, March 8th. They issued an “underweight” rating and a $8.00 price objective on the stock. Morgan Stanley raised their price objective on Valley National Bancorp from $8.50 to $9.00 and gave the stock an “underweight” rating in a report on Wednesday, February 7th. Finally, Royal Bank of Canada cut their price objective on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, April 9th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus target price of $9.67.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY opened at $7.20 on Thursday. The company has a market cap of $3.66 billion, a P/E ratio of 7.58 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. Valley National Bancorp has a one year low of $6.39 and a one year high of $11.22. The business’s 50-day simple moving average is $7.92 and its 200 day simple moving average is $8.84.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, January 25th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.03). Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. The business had revenue of $449.97 million for the quarter, compared to analysts’ expectations of $467.49 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, sell-side analysts forecast that Valley National Bancorp will post 0.93 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were given a $0.11 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 6.11%. Valley National Bancorp’s payout ratio is 46.32%.

Insider Transactions at Valley National Bancorp

In other news, EVP Joseph Chillura sold 49,715 shares of Valley National Bancorp stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the transaction, the executive vice president now owns 545,249 shares in the company, valued at approximately $4,460,136.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.88% of the company’s stock.

About Valley National Bancorp

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.