Newbridge Financial Services Group Inc. Purchases New Holdings in Valley National Bancorp $VLY

by · The Markets Daily

Newbridge Financial Services Group Inc. acquired a new stake in shares of Valley National Bancorp (NASDAQ:VLY – Free Report) in the 2nd quarter, HoldingsChannel reports. The firm acquired 88,685 shares of the company’s stock, valued at approximately $792,000.

Several other hedge funds and other institutional investors also recently modified their holdings of VLY. Swiss National Bank raised its stake in shares of Valley National Bancorp by 14.4% during the 1st quarter. Swiss National Bank now owns 973,960 shares of the company’s stock worth $8,659,000 after buying an additional 122,600 shares in the last quarter. Norges Bank purchased a new position in Valley National Bancorp in the second quarter worth $31,276,000. Russell Investments Group Ltd. lifted its holdings in Valley National Bancorp by 35.2% in the first quarter. Russell Investments Group Ltd. now owns 361,845 shares of the company’s stock valued at $3,216,000 after acquiring an additional 94,289 shares during the period. Boothbay Fund Management LLC grew its stake in shares of Valley National Bancorp by 634.2% during the 1st quarter. Boothbay Fund Management LLC now owns 889,190 shares of the company’s stock worth $7,905,000 after purchasing an additional 768,088 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Valley National Bancorp in the 1st quarter valued at about $15,890,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $11.92 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $12.03. The business has a fifty day moving average of $10.94 and a 200-day moving average of $10.14. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of 13.55 and a beta of 1.10.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $511.08 million for the quarter, compared to analyst estimates of $511.47 million. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. As a group, analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.11 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.44 annualized dividend and a yield of 3.7%. Valley National Bancorp’s payout ratio is 50.00%.

Analyst Ratings Changes

Several research analysts have weighed in on VLY shares. Truist Financial upped their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Barclays restated a “positive” rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a report on Monday, October 27th. Morgan Stanley upped their target price on Valley National Bancorp from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Finally, Cantor Fitzgerald boosted their price objective on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Check Out Our Latest Stock Report on VLY

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.

See Also

Want to see what other hedge funds are holding VLY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Valley National Bancorp (NASDAQ:VLY – Free Report).