On June 30th, Connable Office Inc. released information regarding their acquisition of 19,694 shares in Valley National Bancorp (NASDAQ: VLY) during the first quarter. The transaction was reported in the company’s latest disclosure with the U.S Securities and Exchange Commission (SEC).
The stock purchase must have amounted to $182,000, according to market analysis. While on Monday, July 3rd, Valley National Bancorp announced a quarterly dividend payout of $0.11 per share for outstanding investors of record as at Thursday, June 15th. It represents an annual dividend payout of $0.44 and yields 5.77%. However, if you wish to participate in this payout, it is necessary to complete your purchase before Wednesday, June 14th.
Several research firms issued reports on such purchase from Connable Office Inc., with Morgan Stanley decreasing VLY target price from $13 to $9 and weighting its recommendation from “equal weight” downgrading it to just “neutral.” In contrast, JP Morgan Chase upgraded its rating from “neutral” to “overweight” and assigned a price target of $10.
Unsurprisingly TheStreet disagreed with JP Morgan’s assessment by downgrading VLY’s stock from a “b-” rating to merely a “c+”. They also criticized Morgan Stanley’s decision about decreasing the price-target while StockNews.com surprisingly recommended selling the stocks entirely reporting on Thursday May 18th.
Raymond James chimed in by issuing a downgrade report on VLY shares; going from strong buy all the way down two notches – ironically landing back at a “market perform.” Thus far one analyst gave VLY shares “sell” ratings while three others advise buying. According To Bloomberg data management system that compiles multiple contribution sources worldwide and evaluates them using proprietary algorithms suggest that Valley National Bancorp has an “average” rating of “hold” plus an average target price of $12.25.
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Valley National Bancorp: Recent Investor Activity and Positive Growth Outlook Amidst Market Fluctuations
Valley National Bancorp is a publicly-traded financial institution based in the United States with a market capitalization of $3.87 billion. The company’s stock, listed on the NASDAQ index under the ticker symbol VLY, opened at $7.62 on Tuesday. Valley National Bancorp is primarily focused on providing commercial banking services to businesses and individuals.
Recently, a number of hedge funds and institutional investors have either added to or reduced their stake in Valley National Bancorp. Chartwell Investment Partners LLC boosted its stake by 3.6% during the 1st quarter, now owning over 119,000 shares valued at over $1 million.
In other news, Director Suresh L. Sani purchased 4,416 shares of the company’s stock on May 22nd in a transaction worth over $69,331, while Director Avner Mendelson bought shares in Valley National Bancorp earlier in May for $40,522.72.
Moreover, Valley recently declared its quarterly dividend payout which will be made to investors on July 3rd after an investor record date of June 15th; the dividend payout ratio being reported as 38.60%. Analysts predict that with these recent moves from investors and financial reports showing upbeat earnings results for this fiscal year valley national bancorp looks towards positive growth after continuous fluctuation across all markets lately specifically following the covid pandemic last year affecting all sectors severely.
Despite this recent activity from both Directors and Institutional Investors there has been some resistance shown amongst shareholders particularly regarding the falling figures following dip crisis however it mostly shows positivity regarding future growth prospects and business expansion initiatives coming later this year with regards to potential acquisitions in the near future as well implementing new currency collateralization methodologies which were tested internationally last month.
All things considered we’re looking forward to continued progress from Valley National Bancorp going forward as it continues its focus on commercial banking services and growth initiatives to better serve its customers and shareholders alike.