Kestra Investment Management LLC Invests $515,000 in Valley National Bancorp (NASDAQ:VLY)

Kestra Investment Management LLC purchased a new stake in Valley National Bancorp (NASDAQ:VLY) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 56,816 shares of the company’s stock, valued at approximately $515,000.

A number of other hedge funds have also added to or reduced their stakes in VLY. Harbor Capital Advisors Inc. bought a new position in shares of Valley National Bancorp during the third quarter valued at about $25,000. Innealta Capital LLC bought a new position in shares of Valley National Bancorp during the 2nd quarter worth approximately $38,000. Blue Trust Inc. boosted its stake in shares of Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after buying an additional 1,564 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Valley National Bancorp by 416.8% in the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after acquiring an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on VLY. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.50 to $11.00 in a research report on Monday, November 11th. Piper Sandler boosted their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $9.00 to $10.00 in a report on Thursday, October 31st. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $9.88.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $10.64 on Monday. The firm’s 50 day moving average is $9.57 and its 200 day moving average is $8.34. The stock has a market capitalization of $5.42 billion, a P/E ratio of 17.16 and a beta of 1.07. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the prior year, the business posted $0.26 earnings per share. On average, sell-side analysts anticipate that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.11 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.14%. Valley National Bancorp’s dividend payout ratio is currently 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.