Cubist Systematic Strategies LLC Invests $5.80 Million in Valley National Bancorp (NASDAQ:VLY)

Cubist Systematic Strategies LLC purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 640,537 shares of the company's stock, valued at approximately $5,803,000. Cubist Systematic Strategies LLC owned about 0.13% of Valley National Bancorp at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in VLY. R Squared Ltd bought a new stake in shares of Valley National Bancorp during the fourth quarter valued at approximately $25,000. Optiver Holding B.V. raised its holdings in Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after purchasing an additional 2,271 shares in the last quarter. CreativeOne Wealth LLC bought a new stake in Valley National Bancorp during the fourth quarter worth approximately $102,000. Sapient Capital LLC bought a new stake in Valley National Bancorp during the fourth quarter worth approximately $103,000. Finally, Meiji Yasuda Asset Management Co Ltd. raised its holdings in Valley National Bancorp by 9.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock worth $104,000 after purchasing an additional 1,002 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on VLY. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a report on Monday, March 24th. Citigroup boosted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Royal Bank of Canada boosted their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. StockNews.com upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, April 26th. Finally, Truist Financial assumed coverage on shares of Valley National Bancorp in a report on Tuesday. They issued a "hold" rating and a $10.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Valley National Bancorp presently has an average rating of "Hold" and a consensus target price of $10.60.

Valley National Bancorp Stock Up 0.1%

NASDAQ:VLY traded up $0.01 during trading hours on Wednesday, hitting $9.21. 5,448,459 shares of the stock traded hands, compared to its average volume of 9,090,177. The firm has a 50 day moving average price of $8.62 and a 200 day moving average price of $9.40. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 13.35 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced 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). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. The firm had revenue of $479.67 million for the quarter, compared to analyst estimates of $483.98 million. During the same period last year, the firm earned $0.19 earnings per share. Equities research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.78%. The ex-dividend date was Friday, March 14th. Valley National Bancorp's dividend payout ratio (DPR) is currently 63.77%.

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.