43,862 Shares in Valley National Bancorp (NASDAQ:VLY) Acquired by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. bought a new stake in shares of Valley National Bancorp (NASDAQ:VLY) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 43,862 shares of the company’s stock, valued at approximately $397,000.

A number of other hedge funds have also added to or reduced their stakes in VLY. Intech Investment Management LLC grew its position in Valley National Bancorp by 332.7% during the third quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock valued at $1,481,000 after buying an additional 125,695 shares during the period. Victory Capital Management Inc. grew its position in shares of Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after acquiring an additional 5,322,278 shares during the period. Waterfall Asset Management LLC purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $1,693,000. Nisa Investment Advisors LLC raised its holdings in Valley National Bancorp by 34.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock worth $1,107,000 after purchasing an additional 39,750 shares during the period. Finally, Stieven Capital Advisors L.P. lifted its position in Valley National Bancorp by 32.3% during the second quarter. Stieven Capital Advisors L.P. now owns 1,100,066 shares of the company’s stock valued at $7,678,000 after purchasing an additional 268,600 shares in the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Piper Sandler upped their price target on 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 cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.50 to $11.00 in a report on Monday, November 11th. Morgan Stanley increased their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Barclays raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $9.00 to $10.00 in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp presently has an average rating of “Hold” and an average price target of $9.88.

Valley National Bancorp Stock Down 0.1 %

VLY opened at $10.68 on Thursday. The firm has a 50-day simple moving average of $9.51 and a two-hundred day simple moving average of $8.30. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22. The company has a market capitalization of $5.44 billion, a PE ratio of 17.23 and a beta of 1.07. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate 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 the consensus estimate of $467.87 million. During the same quarter in the prior year, the firm earned $0.26 EPS. Analysts forecast that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend is Friday, December 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

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.