Bank of America Corp DE Has $18.34 Million Stock Position in Valley National Bancorp (NASDAQ:VLY)

Bank of America Corp DE lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 28.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,024,070 shares of the company’s stock after selling 791,108 shares during the period. Bank of America Corp DE’s holdings in Valley National Bancorp were worth $18,338,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of VLY. R Squared Ltd acquired a new position in Valley National Bancorp during the fourth quarter valued at $25,000. Optiver Holding B.V. grew its stake in Valley National Bancorp by 80.9% during the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company’s stock valued at $46,000 after acquiring an additional 2,271 shares in the last quarter. CreativeOne Wealth LLC acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at about $102,000. Sapient Capital LLC acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at about $103,000. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Valley National Bancorp by 9.5% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company’s stock valued at $104,000 after buying an additional 1,002 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on VLY shares. Barclays cut their price objective on Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Royal Bank of Canada raised their price target on Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Citigroup lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Piper Sandler upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price objective on the stock in a report on Monday, March 24th. Finally, Truist Financial initiated coverage on shares of Valley National Bancorp in a research note on Tuesday, May 13th. They issued a “hold” rating and a $10.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.60.

Valley National Bancorp Trading Down 0.1%

NASDAQ:VLY opened at $9.04 on Wednesday. The company’s 50 day moving average is $8.66 and its 200-day moving average is $9.39. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of 13.10 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. 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 business posted $0.19 earnings per share. Equities analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

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.