Algert Global LLC Takes $738,000 Position in Valley National Bancorp (NASDAQ:VLY)

Algert Global LLC purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 81,492 shares of the company's stock, valued at approximately $738,000.

A number of other institutional investors have also added to or reduced their stakes in VLY. Gallagher Fiduciary Advisors LLC raised its holdings in shares of Valley National Bancorp by 17.5% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 47,191 shares of the company's stock worth $428,000 after buying an additional 7,024 shares during the last quarter. Comerica Bank increased its stake in shares of Valley National Bancorp by 3.2% in the 4th quarter. Comerica Bank now owns 199,705 shares of the company's stock valued at $1,809,000 after purchasing an additional 6,155 shares in the last quarter. Soros Fund Management LLC acquired a new position in Valley National Bancorp in the 4th quarter worth about $27,180,000. Northern Trust Corp increased its position in shares of Valley National Bancorp by 21.2% in the fourth quarter. Northern Trust Corp now owns 5,788,927 shares of the company's stock valued at $52,448,000 after buying an additional 1,011,030 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Valley National Bancorp by 4.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 531,963 shares of the company's stock valued at $4,820,000 after buying an additional 23,702 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Trading Up 0.2%

Valley National Bancorp stock traded up $0.02 during trading on Friday, reaching $9.18. 2,499,553 shares of the company were exchanged, compared to its average volume of 7,260,827. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The company has a market capitalization of $5.14 billion, a P/E ratio of 13.28 and a beta of 1.05. The stock's 50 day simple moving average is $8.63 and its two-hundred day simple moving average is $9.40. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The business had revenue of $479.67 million for the quarter, compared to analyst estimates of $483.98 million. During the same period in the previous year, the business posted $0.19 earnings per share. On average, equities research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed 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 4.80%. The ex-dividend date of this dividend was Friday, March 14th. Valley National Bancorp's dividend payout ratio (DPR) is currently 63.77%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Citigroup increased their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. JPMorgan Chase & Co. lifted their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada upped their price target on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Truist Financial assumed coverage on Valley National Bancorp in a research note on Tuesday. They set a "hold" rating and a $10.00 price objective for the company. Finally, Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a research report on Monday, March 24th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $10.60.

Valley National Bancorp Company 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.