Concentric Capital Strategies LP purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 241,062 shares of the company's stock, valued at approximately $2,184,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of VLY. Meiji Yasuda Asset Management Co Ltd. lifted its position in Valley National Bancorp by 9.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock valued at $104,000 after purchasing an additional 1,002 shares during the period. Rockefeller Capital Management L.P. boosted its stake in shares of Valley National Bancorp by 2.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company's stock valued at $406,000 after buying an additional 1,024 shares in the last quarter. United Services Automobile Association grew its holdings in Valley National Bancorp by 3.7% during the fourth quarter. United Services Automobile Association now owns 28,702 shares of the company's stock worth $260,000 after acquiring an additional 1,029 shares during the period. PNC Financial Services Group Inc. raised its position in Valley National Bancorp by 2.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company's stock worth $436,000 after acquiring an additional 1,046 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in Valley National Bancorp by 12.0% in the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock valued at $116,000 after acquiring an additional 1,371 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.
Valley National Bancorp Stock Performance
Shares of NASDAQ:VLY traded down $0.03 during trading hours on Friday, hitting $8.81. The stock had a trading volume of 6,621,013 shares, compared to its average volume of 7,216,785. The stock's fifty day simple moving average is $8.62 and its 200 day simple moving average is $9.41. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of 12.77 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. The company 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 EPS. Sell-side analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal 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 given a $0.11 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.99%. Valley National Bancorp's dividend payout ratio (DPR) is 63.77%.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the company. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a research note on Monday, March 24th. Royal Bank of Canada upped their target price on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, January 24th. JPMorgan Chase & Co. raised their price target on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Barclays decreased their price objective 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. Finally, StockNews.com upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, April 26th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $10.67.
View Our Latest Analysis on VLY
About Valley National Bancorp
(
Free Report)
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.
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