Entropy Technologies LP Cuts Holdings in Valley National Bancorp (NASDAQ:VLY)

Entropy Technologies LP trimmed its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 66.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,812 shares of the company’s stock after selling 125,500 shares during the period. Entropy Technologies LP’s holdings in Valley National Bancorp were worth $569,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Diversified Trust Co increased its stake in Valley National Bancorp by 11.1% in the 2nd quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock valued at $100,000 after purchasing an additional 1,435 shares in the last quarter. Blue Trust Inc. increased its stake in Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock valued at $44,000 after purchasing an additional 1,564 shares in the last quarter. GAMMA Investing LLC increased its stake in Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after purchasing an additional 2,151 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in Valley National Bancorp by 7.6% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock valued at $276,000 after purchasing an additional 2,154 shares in the last quarter. Finally, Ignite Planners LLC increased its stake in Valley National Bancorp by 3.4% in the 3rd quarter. Ignite Planners LLC now owns 65,107 shares of the company’s stock valued at $590,000 after purchasing an additional 2,170 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on VLY. Barclays raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $9.00 to $10.00 in a research note on Thursday, October 31st. Piper Sandler increased their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Royal Bank of Canada increased their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Morgan Stanley increased their target price on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Keefe, Bruyette & Woods increased their target price on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp has an average rating of “Hold” and a consensus price target of $9.88.

Valley National Bancorp Price Performance

VLY stock opened at $10.14 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 16.42 and a beta of 1.07. The stock’s fifty day simple moving average is $9.12 and its 200-day simple moving average is $8.10. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

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

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Valley National Bancorp 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.