Pallas Capital Advisors LLC Buys Shares of 52,094 Valley National Bancorp $VLY

Pallas Capital Advisors LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 52,094 shares of the company’s stock, valued at approximately $763,000.

Other large investors have also made changes to their positions in the company. Cedar Mountain Advisors LLC purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at $26,000. Assetmark Inc. grew its stake in Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Valley National Bancorp during the 4th quarter valued at about $26,000. First Horizon Corp increased its position in Valley National Bancorp by 52.5% during the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in Valley National Bancorp in the fourth quarter valued at about $39,000. 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 recent analyst reports. UBS Group set a $17.00 price target on Valley National Bancorp in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Morgan Stanley reiterated a “positive” rating on shares of Valley National Bancorp in a research note on Monday, June 29th. TD Cowen reissued a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Finally, Royal Bank Of Canada boosted their target price on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.03.

Insiders Place Their Bets

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer directly owned 76,116 shares of the company’s stock, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.06% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY opened at $14.86 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a 50-day moving average of $14.58 and a two-hundred day moving average of $13.56. The stock has a market cap of $8.21 billion, a P/E ratio of 12.59 and a beta of 1.04. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. During the same period in the prior year, the company posted $0.23 earnings per share. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts predict that Valley National Bancorp will post 1.28 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio is 37.29%.

About Valley National Bancorp

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.