Corebridge Financial Inc. Raises Position in Valley National Bancorp (NASDAQ:VLY)

Corebridge Financial Inc. raised its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 766,535 shares of the company’s stock after buying an additional 33,125 shares during the period. Corebridge Financial Inc. owned about 0.15% of Valley National Bancorp worth $6,945,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. R Squared Ltd purchased a new stake in Valley National Bancorp during the 4th quarter valued at about $25,000. Sapient Capital LLC bought a new stake in Valley National Bancorp in the fourth quarter valued at approximately $103,000. Empowered Funds LLC lifted its position in Valley National Bancorp by 12.0% in the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company’s stock valued at $116,000 after purchasing an additional 1,371 shares during the last quarter. Townsquare Capital LLC boosted its stake in shares of Valley National Bancorp by 11.8% during the third quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock valued at $130,000 after purchasing an additional 1,521 shares during the period. Finally, Pine Valley Investments Ltd Liability Co bought a new position in shares of Valley National Bancorp in the third quarter worth approximately $154,000. 61.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on VLY shares. Piper Sandler raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price target for the company in a research report on Monday, March 24th. Citigroup raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Barclays increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. lifted their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Finally, Stephens restated an “overweight” rating and set a $12.50 target price on shares of Valley National Bancorp in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and a consensus target price of $10.78.

Insider Transactions at Valley National Bancorp

In other news, EVP Joseph Chillura sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the transaction, the executive vice president now owns 495,249 shares in the company, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.88% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $8.78 on Friday. The company’s fifty day moving average price is $9.56 and its 200-day moving average price is $9.50. The stock has a market cap of $4.92 billion, a PE ratio of 12.72 and a beta of 1.11. The company has a current ratio of 0.98, a quick 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.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the previous year, the firm posted $0.22 earnings per share. On average, equities analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 5.01%. The ex-dividend date of this dividend is Friday, March 14th. Valley National Bancorp’s dividend payout ratio (DPR) is 63.77%.

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.