Millennium Management LLC Has $42.69 Million Stake in Valley National Bancorp $VLY

Key Points

• Millennium Management LLC increased its stock position in Valley National Bancorp by 55.2%, owning about $42.69 million worth of shares.
• Valley National Bancorp reported a quarterly EPS of $0.23, exceeding analysts' expectations, while its revenue increased by 9.3% year-over-year.
• The company recently announced a quarterly dividend of $0.11 per share, resulting in an annualized yield of 4.1%.

Millennium Management LLC boosted its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 55.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,802,445 shares of the company's stock after buying an additional 1,708,364 shares during the quarter. Millennium Management LLC owned about 0.86% of Valley National Bancorp worth $42,694,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in Valley National Bancorp by 1.0% during the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock worth $9,787,000 after buying an additional 10,996 shares during the last quarter. GAMMA Investing LLC raised its holdings in Valley National Bancorp by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock worth $83,000 after acquiring an additional 1,709 shares during the period. Hourglass Capital LLC raised its holdings in Valley National Bancorp by 6.3% in the 1st quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock worth $3,952,000 after acquiring an additional 26,280 shares during the period. OneDigital Investment Advisors LLC raised its holdings in Valley National Bancorp by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock worth $152,000 after acquiring an additional 4,261 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Valley National Bancorp by 230.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company's stock worth $1,314,000 after acquiring an additional 103,159 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Valley National Bancorp in a report on Wednesday. They issued an "overweight" rating and a $12.00 target price on the stock. Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Hovde Group assumed coverage on shares of Valley National Bancorp in a report on Wednesday. They issued an "outperform" rating and a $12.50 target price on the stock. Royal Bank Of Canada lifted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, Barclays restated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.54.

Valley National Bancorp Trading Up 0.1%

NASDAQ:VLY traded up $0.01 during trading hours on Friday, hitting $10.79. The stock had a trading volume of 9,524,309 shares, compared to its average volume of 7,178,801. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 13.83 and a beta of 1.13. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.10. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The business's 50 day moving average is $9.86 and its 200-day moving average is $9.16.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 earnings per share. Sell-side analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's dividend payout ratio is 56.41%.

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.