Concentric Capital Strategies LP Acquires Shares of 241,062 Valley National Bancorp (NASDAQ:VLY)

Concentric Capital Strategies LP bought a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 241,062 shares of the company's stock, valued at approximately $2,184,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLY. R Squared Ltd acquired a new stake in Valley National Bancorp in the 4th quarter valued at about $25,000. Optiver Holding B.V. increased its holdings in shares of Valley National Bancorp by 80.9% in the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock valued at $46,000 after purchasing an additional 2,271 shares during the period. CreativeOne Wealth LLC acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at about $102,000. Sapient Capital LLC acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at about $103,000. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Valley National Bancorp by 9.5% in the 4th 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. 61.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

VLY has been the topic of a number of research reports. Truist Financial initiated coverage on Valley National Bancorp in a report on Tuesday. They issued a "hold" rating and a $10.00 price objective on the stock. StockNews.com upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, April 26th. JPMorgan Chase & Co. increased their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. Citigroup increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Finally, Royal Bank of Canada increased their price target on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $10.60.

Valley National Bancorp Stock Performance

Shares of VLY traded up $0.02 during mid-day trading on Tuesday, hitting $9.22. The company's stock had a trading volume of 4,777,955 shares, compared to its average volume of 7,219,626. The firm has a market capitalization of $5.16 billion, a PE ratio of 13.36 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 stock's 50-day moving average is $8.62 and its two-hundred day moving average is $9.40. 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 (NASDAQ:VLY - Get Free Report) last issued 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). The firm had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period last year, the business earned $0.19 earnings per share. As a group, sell-side analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced 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 of this dividend was Friday, March 14th. This represents a $0.44 annualized dividend and a yield of 4.77%. Valley National Bancorp's dividend payout ratio (DPR) is currently 63.77%.

About Valley National Bancorp

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.