The Manufacturers Life Insurance Company Makes New Investment in Valley National Bancorp $VLY

The Manufacturers Life Insurance Company bought a new position in shares of Valley National Bancorp (NASDAQ:VLY) during the second quarter, Holdings Channel.com reports. The firm bought 454,761 shares of the company’s stock, valued at approximately $6,662,000.

Other hedge funds have also modified their holdings of the company. Cedar Mountain Advisors LLC bought a new position in Valley National Bancorp in the 1st quarter worth approximately $26,000. Assetmark Inc. boosted its position in Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Valley National Bancorp during the fourth quarter worth $26,000. Compass Financial Management LLC acquired a new position in shares of Valley National Bancorp during the second quarter valued at $28,000. Finally, Root Financial Partners LLC lifted its stake in shares of Valley National Bancorp by 127.3% during the first quarter. Root Financial Partners LLC now owns 3,976 shares of the company’s stock valued at $49,000 after acquiring an additional 2,227 shares during the period. 61.00% of the stock is owned by institutional investors.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

VLY has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their price objective on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Royal Bank Of Canada restated a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday. Truist Financial lifted their price target on shares of Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research report on Friday, July 10th. Hovde Group boosted their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Cantor Fitzgerald increased their price objective on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.10.

Valley National Bancorp Price Performance

Shares of VLY stock opened at $13.92 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20. The firm has a fifty day moving average of $14.56 and a 200-day moving average of $13.61. The firm 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 announced its earnings results on Thursday, July 23rd. The company reported $0.30 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 company had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same quarter last year, the business posted $0.23 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities research analysts forecast that Valley National Bancorp will post 1.27 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

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

About Valley National Bancorp

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.