GAMMA Investing LLC Acquires 75,283 Shares of Valley National Bancorp (NASDAQ:VLY)

GAMMA Investing LLC lifted its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 988.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,899 shares of the company's stock after buying an additional 75,283 shares during the quarter. GAMMA Investing LLC's holdings in Valley National Bancorp were worth $737,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in shares of Valley National Bancorp in the fourth quarter valued at $31,490,000. Xponance Inc. boosted its position in Valley National Bancorp by 13.7% during the fourth quarter. Xponance Inc. now owns 66,588 shares of the company's stock worth $603,000 after purchasing an additional 8,032 shares during the period. Bank of New York Mellon Corp boosted its position in Valley National Bancorp by 27.8% during the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock worth $55,278,000 after purchasing an additional 1,327,829 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Valley National Bancorp by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock worth $68,966,000 after purchasing an additional 640,933 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Valley National Bancorp by 9.8% during the fourth quarter. Principal Financial Group Inc. now owns 1,089,896 shares of the company's stock worth $9,874,000 after purchasing an additional 96,866 shares during the period. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Price Performance

VLY stock traded up $0.10 during midday trading on Friday, reaching $8.67. The company had a trading volume of 13,510,941 shares, compared to its average volume of 7,708,523. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 12.57 and a beta of 1.06. The stock has a 50 day moving average price of $8.72 and a 200-day moving average price of $9.14. Valley National Bancorp has a 1-year low of $6.50 and a 1-year high of $11.10. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The company had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. During the same period last year, the firm earned $0.19 EPS. Equities research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend is Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

Analyst Upgrades and Downgrades

A number of research firms have commented on VLY. Truist Financial began coverage on shares of Valley National Bancorp in a research report on Tuesday, May 13th. They set a "hold" rating and a $10.00 price objective for the company. Jefferies Financial Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. Barclays reduced their price objective on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Wall Street Zen downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. Finally, Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Valley National Bancorp presently has a consensus rating of "Hold" and an average price target of $10.55.

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.