Millennium Management LLC Sells 4,398,951 Shares of Valley National Bancorp (NASDAQ:VLY)

Millennium Management LLC trimmed its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 58.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,094,081 shares of the company's stock after selling 4,398,951 shares during the quarter. Millennium Management LLC owned 0.61% of Valley National Bancorp worth $28,032,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Valley National Bancorp during the fourth quarter worth $31,490,000. Xponance Inc. lifted its position in shares of 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 last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of Valley National Bancorp by 17.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company's stock worth $323,000 after purchasing an additional 5,181 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of 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 last quarter. 61.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. StockNews.com downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday. Barclays decreased their price objective on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Truist Financial assumed coverage on Valley National Bancorp in a report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 price objective for the company. Finally, Citigroup lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $10.60.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock opened at $9.05 on Tuesday. The company has a market capitalization of $5.07 billion, a PE ratio of 13.12 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. The company has a 50-day simple moving average of $8.65 and a two-hundred day simple moving average of $9.39. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its 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 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 quarter in the prior year, the firm posted $0.19 earnings per share. Research analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal 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 issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a yield of 4.86%. Valley National Bancorp's dividend payout ratio is presently 63.77%.

Valley National Bancorp Company 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.

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