Balyasny Asset Management L.P. Makes New $74.56 Million Investment in Valley National Bancorp (NASDAQ:VLY)

Balyasny Asset Management L.P. acquired a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,229,412 shares of the company's stock, valued at approximately $74,558,000. Balyasny Asset Management L.P. owned about 1.62% of Valley National Bancorp as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Valley National Bancorp in the fourth quarter valued at about $31,490,000. Xponance Inc. boosted its holdings in Valley National Bancorp by 13.7% in the fourth quarter. Xponance Inc. now owns 66,588 shares of the company's stock valued at $603,000 after acquiring an additional 8,032 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Valley National Bancorp by 17.0% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company's stock worth $323,000 after purchasing an additional 5,181 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Valley National Bancorp by 27.8% during the 4th quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock worth $55,278,000 after purchasing an additional 1,327,829 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Valley National Bancorp by 41.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company's stock worth $13,539,000 after purchasing an additional 439,831 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Stock Down 0.3 %

VLY stock traded down $0.03 during trading on Friday, reaching $8.81. The stock had a trading volume of 6,621,013 shares, compared to its average volume of 7,216,785. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of 12.77 and a beta of 1.05. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company's 50 day moving average is $8.62 and its two-hundred day moving average is $9.41.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period in the prior year, the company earned $0.19 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date was Friday, March 14th. Valley National Bancorp's dividend payout ratio (DPR) is currently 63.77%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on VLY shares. Barclays decreased their price target on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. StockNews.com upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, April 26th. Citigroup increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target for the company in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. increased their target price on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of "Hold" and an average price target of $10.67.

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.