Basswood Capital Management L.L.C. Lowers Holdings in Valley National Bancorp (NASDAQ:VLY)

Basswood Capital Management L.L.C. cut its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,075,755 shares of the company's stock after selling 65,462 shares during the period. Basswood Capital Management L.L.C. owned 0.41% of Valley National Bancorp worth $18,806,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Valley National Bancorp by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock worth $453,020,000 after purchasing an additional 4,204,651 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Valley National Bancorp by 10.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company's stock worth $259,692,000 after buying an additional 2,810,005 shares during the period. Wellington Management Group LLP grew its stake in shares of Valley National Bancorp by 90.2% in the fourth quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock valued at $154,558,000 after buying an additional 8,088,466 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Valley National Bancorp by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock valued at $107,122,000 after buying an additional 656,200 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Valley National Bancorp by 9.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock worth $68,966,000 after acquiring an additional 640,933 shares in the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 0.5 %

VLY stock traded down $0.04 during midday trading on Friday, reaching $8.80. 4,083,687 shares of the company were exchanged, compared to its average volume of 7,174,990. The stock's 50-day simple moving average is $8.63 and its 200 day simple moving average is $9.40. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $4.93 billion, a price-to-earnings ratio of 12.75 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $479.67 million during the quarter, compared to analysts' expectations 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 previous year, the firm posted $0.19 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.00%. The ex-dividend date was Friday, March 14th. Valley National Bancorp's payout ratio is currently 63.77%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Barclays reduced their price target on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Piper Sandler raised 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 research report on Monday, March 24th. JPMorgan Chase & Co. upped their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. StockNews.com upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, April 26th. Finally, Royal Bank of Canada upped their price target on Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Valley National Bancorp currently has a consensus rating of "Hold" and an average target price of $10.67.

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.