PNC Financial Services Group Inc. Acquires 41,682 Shares of Valley National Bancorp $VLY

PNC Financial Services Group Inc. boosted its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 85.8% in the third quarter, HoldingsChannel reports. The firm owned 90,281 shares of the company’s stock after purchasing an additional 41,682 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Valley National Bancorp were worth $957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Valley National Bancorp during the 2nd quarter worth about $39,000. Hantz Financial Services Inc. grew its stake in Valley National Bancorp by 11,831.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock valued at $48,000 after buying an additional 5,324 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Valley National Bancorp by 77.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock valued at $48,000 after acquiring an additional 1,996 shares during the period. EverSource Wealth Advisors LLC lifted its position in Valley National Bancorp by 244.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company’s stock worth $53,000 after acquiring an additional 4,177 shares during the last quarter. Finally, Vident Advisory LLC acquired a new stake in Valley National Bancorp during the second quarter worth approximately $93,000. 61.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on VLY shares. JPMorgan Chase & Co. upped their target price on Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Barclays upped their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. TD Cowen lifted their target price on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, January 30th. National Bank Financial set a $16.00 target price on shares of Valley National Bancorp in a research report on Friday, January 30th. Finally, UBS Group started coverage on shares of Valley National Bancorp in a research report on Monday, December 15th. They set a “buy” rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $14.20.

Insider Buying and Selling at Valley National Bancorp

In other news, Director Carlos J. Vazquez purchased 2,500 shares of Valley National Bancorp stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average price of $13.45 per share, for a total transaction of $33,625.00. Following the transaction, the director owned 4,252 shares of the company’s stock, valued at approximately $57,189.40. The trade was a 142.69% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.43% of the company’s stock.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $12.87 on Wednesday. The company has a market cap of $7.18 billion, a price-to-earnings ratio of 12.74 and a beta of 1.10. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $13.87. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day moving average price of $12.44 and a 200-day moving average price of $11.34.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The business had revenue of $541.25 million during the quarter, compared to the consensus estimate of $524.31 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. Valley National Bancorp’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.11 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 3.4%. Valley National Bancorp’s payout ratio is presently 43.56%.

Valley National Bancorp Company Profile

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.