The Vanguard Group, Inc. has recently announced that it has increased stake in Valley National Bancorp (NASDAQ:VLY) by 0.93%. After grabbing 44.58 million shares, the institutional investor is now in possession of 0.41 million shares of the Financial Company. The new investment brought the stake of investor firm to 8.78% having worth around $346.81 million. Moreover, Dimensional Fund Advisors LP increased its share by 1.86 million to have a control over 23.63 million shares. And American Century Investment Manag raised its holdings to 0.92 million shares by acquiring 13.03 million shares or 2.57% of the stake.
Valley National Bancorp (VLY) concluded trading on 12/06/23 at a closing price of $9.77, with 4.28 million shares of worth about $41.8 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 12.82% during that period and on Wednesday the price saw a gain of about 1.66%. Currently the company’s common shares owned by public are about 506.37M shares, out of which, 427.53M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 12 analysts are covering the VLY stock and their offered price forecasts bring an average price target of $9.91. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $12.00 and could fall to a lowest price of $8.00. The stock’s current price level is 1.41% above of average price target set by the analysts, while a rise to estimated low would result in loss of -22.12% for the stock. However, touching the estimated high of $12.00 would mean a gain of 18.58% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 87 times over the past 12 months. They bought 1,018,122 shares in 55 of the transactions. In 32 selling transactions, insiders dumped 411,740 shares.
Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Undiscovered Managers Behavioral are the top 3 mutual funds which are holding stakes in Valley National Bancorp Vanguard Total Stock Market ETF is currently holding 13.54 million shares of worth totaling $105.31 million. The company recently came buying 0.12 million shares which brought its stake up to 2.67% of the company’s outstanding shares. Undiscovered Managers Behavioral, after selling 12.41 million shares, have now control over 2.44% of the stake in the company. It holds 95200.0 shares of worth $96.52 million.
Valley National Bancorp (NASDAQ: VLY) started trading at $9.75, above $0.14 from concluding price of the previous day. Stock saw a price change of 7.01% in past 5 days and over the past one month there was a price change of 17.01%. Year-to-date (YTD), VLY shares are showing a performance of -13.62% which decreased to -15.78% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $6.39 but also hit the highest price of $12.61 during that period. The average intraday trading volume for Valley National Bancorp shares is 3.29 million. The stock is currently trading 11.95% above its 20-day simple moving average (SMA20), while that difference is up 16.73% for SMA50 and it goes to 11.64% higher than SMA200.
The Vanguard Group, Inc. acquired 44.58 million shares of Valley National Bancorp having value of about $346.81 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.41 million shares in the company valued at close to $4033954.84, or have control over 0.93% stake in the company. Valley National Bancorp (NASDAQ: VLY) currently have 506.37M outstanding shares and institutions hold larger chunk of about 61.53% of that. Holding of mutual funds in the company is about 3.92% while other institutional holders and individual stake holders have control over 42.98% and 18.87% of the stake respectively.
The stock has a current market capitalization of $4.96B and its 3Y-monthly beta is at 1.15. PE ratio of stock for trailing 12 months is 8.45, while it has posted earnings per share of $1.16 in the same period. Its PEG reads 1.69 while making debt-to-equity ratio of 0.43. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for VLY, volatility over the week remained 3.98% while standing at 3.52% over the month.
Analysts are in expectations that Valley National Bancorp (VLY) stock would likely to be making an EPS of $Annaly Capital Management Inc. in the current quarter, while forecast for next quarter EPS is $17.93 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $Valero Energy Corporation which is $Velo3D, Inc. at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $SPDR Select Sector Fund – Consu in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -17.04% while it is estimated to decrease by -0.44% in next year. EPS is likely to shrink at an annualized rate of 5.00% for next 5-years, compared to annual growth of 14.45% made by the stock over the past 5-years.
Analysts at 12 brokerage firms have issued recommendations for the Valley National Bancorp (VLY)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.17. Out of those 12 Wall Street analysts, 6 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Citigroup on December 01, 2023 offering a Neutral rating for the stock and assigned a target price of $9.50 to it.
