UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Valley National Bancorp (NASDAQ:VLY) by 1.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 990,677 shares of the company’s stock after selling 16,736 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Valley National Bancorp were worth $8,976,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in VLY. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Valley National Bancorp by 14.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 103,074 shares of the company’s stock worth $934,000 after acquiring an additional 12,669 shares during the period. Townsquare Capital LLC raised its stake in shares of Valley National Bancorp by 11.8% during the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock worth $130,000 after purchasing an additional 1,521 shares during the period. FMR LLC raised its stake in shares of Valley National Bancorp by 105.8% during the 3rd quarter. FMR LLC now owns 32,146 shares of the company’s stock worth $291,000 after purchasing an additional 16,529 shares during the period. Brown Brothers Harriman & Co. bought a new position in Valley National Bancorp during the third quarter valued at about $397,000. Finally, Cerity Partners LLC increased its holdings in Valley National Bancorp by 31.5% during the third quarter. Cerity Partners LLC now owns 180,907 shares of the company’s stock worth $1,639,000 after buying an additional 43,364 shares during the last quarter. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Performance

Shares of VLY opened at $10.51 on Monday. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 16.95 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The stock’s 50-day simple moving average is $9.73 and its 200 day simple moving average is $8.43.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. During the same period in the previous year, the business earned $0.26 EPS. Research analysts forecast that Valley National Bancorp will post 0.65 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.11 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.19%. Valley National Bancorp’s payout ratio is currently 70.97%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Barclays increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Thursday. Royal Bank of Canada boosted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. Finally, Piper Sandler boosted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Hold” and a consensus price target of $10.00.

Valley National Bancorp Company 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.