Point72 Asset Management L.P. Acquires New Holdings in Valley National Bancorp (NASDAQ:VLY)

Point72 Asset Management L.P. acquired a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 190,706 shares of the company's stock, valued at approximately $1,728,000.

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

Valley National Bancorp Stock Performance

VLY traded up $0.09 during trading on Tuesday, reaching $8.79. 1,198,127 shares of the company's stock were exchanged, compared to its average volume of 7,437,666. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $4.92 billion, a P/E ratio of 12.73 and a beta of 1.05. The company's fifty day simple moving average is $8.65 and its 200-day simple moving average is $9.35. 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 quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. During the same period in the prior year, the business posted $0.19 EPS. As a group, research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal 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. The ex-dividend date is Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 5.01%. Valley National Bancorp's dividend payout ratio is currently 63.77%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Citigroup boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Barclays decreased their price target on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Truist Financial initiated 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 on the stock. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a report on Monday, March 24th. Finally, Wall Street Zen cut shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target 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.