The Vanguard Group, Inc. recently announced the acquisition of new stake in Valley National Bancorp (NASDAQ:VLY). The institutional investor has increased its shareholding in the Financial company by 0.93% to 44.58 million shares with purchase of 0.41 million shares. This fresh investment now brings its stake to 8.78% valued currently at $405.66 million. In addition, Dimensional Fund Advisors LP raised its holdings by 1.86 million to 23.63 million shares. And American Century Investment Manag has lifted its position by 7.60% or 0.92 million shares – to 13.03 million shares.
Currently, there are 506.37M common shares owned by the public and among those 427.59M shares have been available to trade.
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Insiders at the company have transacted a total of 87 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 55 of these insider trades were purchases, accounting for 1,018,122 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 411,740 shares.
The top 3 mutual fund holders in Valley National Bancorp are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Undiscovered Managers Behavioral. Vanguard Total Stock Market ETF owns 13.54 million shares of the company’s stock, all valued at over $123.17 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 2.67% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 2333.0 shares to see its total holdings expand to 13.15 million shares valued at over $119.7 million and representing 2.59% of the shares outstanding. Undiscovered Managers Behavioral sold 95200.0 shares to bring its total holdings to over 12.41 million shares at a value of $112.89 million. Undiscovered Managers Behavioral now owns shares totaling to 2.44% of the shares outstanding.
The company’s stock has a 5-day price change of 10.13% and 23.65% over the past three months. VLY shares are trading -2.92% year to date (YTD), with the 12-month market performance down to -2.05% lower. It has a 12-month low price of $6.39 and touched a high of $12.61 over the same period. VLY has an average intraday trading volume of 3.39 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 15.23%, 26.38%, and 26.28% respectively.
Institutional ownership of Valley National Bancorp (NASDAQ: VLY) shares accounts for 61.53% of the company’s 506.37M shares outstanding. Mutual fund holders own 3.92%, while other institutional holders and individual stakeholders account for 43.33% and 18.55% respectively.
It has a market capitalization of $5.57B and a beta (3y monthly) value of 1.18. The stock’s trailing 12-month PE ratio is 9.49, while the earnings-per-share (ttm) stands at $1.16. The company has a PEG of 1.90 and the debt-to-equity ratio at 0.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.97% over the week and 3.40% over the month.
Analysts forecast that Valley National Bancorp (VLY) will achieve an EPS of $0.25 for the current quarter, $0.25 for the next quarter and $1.08 for 2024. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.27. Comparatively, EPS for the current quarter was $0.35 a year ago. Earnings per share for the fiscal year are expected to decrease by -17.09%, and -0.36% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 14.45% over the past 5-year period.
Looking at the support for the VLY, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on December 01, 2023, with the firm’s price target at $9.50.
