Valley National Bancorp (NASDAQ:VLY) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Valley National Bancorp (NASDAQ:VLY) by 30.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 993,030 shares of the company’s stock after selling 441,775 shares during the quarter. Principal Financial Group Inc.’s holdings in Valley National Bancorp were worth $8,997,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. ProShare Advisors LLC raised its stake in shares of Valley National Bancorp by 4.8% during the first quarter. ProShare Advisors LLC now owns 98,432 shares of the company’s stock worth $784,000 after purchasing an additional 4,482 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in Valley National Bancorp by 74.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after acquiring an additional 106,290 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new position in Valley National Bancorp in the first quarter worth $910,000. O Shaughnessy Asset Management LLC raised its position in Valley National Bancorp by 144.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 30,004 shares of the company’s stock worth $239,000 after acquiring an additional 17,726 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in Valley National Bancorp in the first quarter worth $219,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VLY has been the subject of several research analyst reports. Piper Sandler increased their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods raised their price target on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Royal Bank of Canada raised their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. StockNews.com upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp presently has an average rating of “Hold” and a consensus price target of $9.88.

Valley National Bancorp Stock Up 0.4 %

Shares of NASDAQ:VLY opened at $10.23 on Tuesday. The stock’s 50-day moving average price is $9.24 and its two-hundred day moving average price is $8.17. 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 has a 12-month low of $6.47 and a 12-month high of $11.22. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 16.50 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The firm had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. During the same period last year, the company earned $0.26 EPS. On average, research analysts forecast that Valley National Bancorp will post 0.66 EPS for the current year.

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.