MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Position in Valley National Bancorp (NASDAQ:VLY)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 12.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 266,372 shares of the company's stock after buying an additional 30,284 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.05% of Valley National Bancorp worth $2,413,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLY. Vanguard Group Inc. grew its position in Valley National Bancorp by 9.2% in the fourth quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock valued at $453,020,000 after acquiring an additional 4,204,651 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Valley National Bancorp by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company's stock worth $259,692,000 after purchasing an additional 2,810,005 shares during the last quarter. Wellington Management Group LLP boosted its position in Valley National Bancorp by 90.2% in the fourth quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock worth $154,558,000 after purchasing an additional 8,088,466 shares during the last quarter. Geode Capital Management LLC raised its stake in Valley National Bancorp by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock valued at $107,122,000 after acquiring an additional 656,200 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Valley National Bancorp during the 4th quarter worth approximately $74,558,000. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded up $0.01 during midday trading on Friday, hitting $8.70. The company's stock had a trading volume of 8,485,060 shares, compared to its average volume of 7,460,757. 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 firm's fifty day moving average price is $8.65 and its 200-day moving average price is $9.37. The firm has a market cap of $4.87 billion, a P/E ratio of 12.61 and a beta of 1.05. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share 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 analysts' expectations 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. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 5.06%. The ex-dividend date of this dividend is Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on VLY shares. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective for the company in a research note on Monday, March 24th. Jefferies Financial Group initiated coverage on Valley National Bancorp in a research note on Wednesday. They issued a "hold" rating and a $10.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. Truist Financial began coverage on Valley National Bancorp in a report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 target price on the stock. Finally, Royal Bank of Canada boosted their price objective on Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $10.55.

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.