CIBC Private Wealth Group LLC Raises Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

CIBC Private Wealth Group LLC grew its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 88.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 20,677 shares of the company’s stock after buying an additional 9,714 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Valley National Bancorp were worth $186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in VLY. Wellington Management Group LLP lifted its position in Valley National Bancorp by 384.2% during the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock valued at $81,276,000 after purchasing an additional 7,118,044 shares during the period. Vanguard Group Inc. raised its stake in Valley National Bancorp by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company’s stock valued at $453,020,000 after buying an additional 4,204,651 shares during the last quarter. Norges Bank bought a new position in shares of Valley National Bancorp during the 4th quarter valued at $31,490,000. Burkehill Global Management LP purchased a new position in shares of Valley National Bancorp in the 4th quarter worth $20,838,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Valley National Bancorp by 27.8% in the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company’s stock worth $55,278,000 after acquiring an additional 1,327,829 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Wall Street Analysts Forecast Growth

VLY has been the topic of a number of recent research reports. Piper Sandler raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 target price on the stock in a report on Monday, March 24th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. Stephens reissued an “overweight” rating and issued a $12.50 price objective on shares of Valley National Bancorp in a report on Thursday, January 2nd. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and a consensus price target of $10.78.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $8.05 on Monday. The company has a market capitalization of $4.51 billion, a P/E ratio of 11.67 and a beta of 1.06. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The firm’s 50 day simple moving average is $9.44 and its two-hundred day simple moving average is $9.52. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same quarter in the previous year, the firm posted $0.22 EPS. Research analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.47%. The ex-dividend date was Friday, March 14th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 63.77%.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 50,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total transaction of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares of the company’s stock, valued at approximately $5,056,492.29. This trade represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.88% of the stock is owned by insiders.

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.