AXQ Capital LP Buys Shares of 58,648 Valley National Bancorp $VLY

AXQ Capital LP acquired 58,648 shares of Valley National Bancorp (NASDAQ:VLY) in Q2, valued at $524,000. Other institutional investors also increased their stakes. Analysts have given the stock a 'Buy' rating with an average price target of $13.25. Valley National Bancorp reported Q3 earnings of $0.28 per share, beating estimates. The company announced a quarterly dividend of $0.11 per share, yielding 4.1%.

AXQ Capital LP purchased a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 58,648 shares of the company's stock, valued at approximately $524,000.

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A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its stake in shares of Valley National Bancorp by 1,705.4% in the 2nd quarter. Franklin Resources Inc. now owns 493,707 shares of the company's stock valued at $4,409,000 after purchasing an additional 466,361 shares during the last quarter. Legal & General Group Plc increased its stake in Valley National Bancorp by 3.8% during the second quarter. Legal & General Group Plc now owns 817,246 shares of the company's stock worth $7,298,000 after purchasing an additional 29,877 shares during the period. Magnetar Financial LLC purchased a new position in shares of Valley National Bancorp in the second quarter valued at approximately $785,000. Ensign Peak Advisors Inc grew its holdings in shares of Valley National Bancorp by 4.2% in the second quarter. Ensign Peak Advisors Inc now owns 145,981 shares of the company's stock valued at $1,304,000 after purchasing an additional 5,835 shares in the last quarter. Finally, EMC Capital Management acquired a new stake in Valley National Bancorp during the 2nd quarter worth approximately $104,000. Institutional investors and hedge funds own 61.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Cowen reaffirmed a "buy" rating on shares of Valley National Bancorp in a report on Monday, October 27th. Weiss Ratings reissued a "hold (c+)" rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Morgan Stanley lifted their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Hovde Group started coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They set an "outperform" rating and a $12.50 target price for the company. Finally, Truist Financial increased their target price on Valley National Bancorp from $11.00 to $13.00 and gave the company a "buy" rating in a report on Friday, September 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $13.25.

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Read Our Latest Research Report on VLY

Valley National Bancorp Stock Up 2.8%

Shares of NASDAQ VLY opened at $10.77 on Friday. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 12.24 and a beta of 1.17. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.35. The firm has a 50-day moving average price of $10.70 and a 200 day moving average price of $9.86. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40.

Analysts Remain Bullish On These 3 Regional Banks

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. The company had revenue of $511.08 million during the quarter, compared to analysts' expectations of $511.47 million. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The firm's quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Equities research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Monday, December 15th. Valley National Bancorp's payout ratio is presently 50.00%.

About Valley National Bancorp

(Free Report)

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.

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