ProShare Advisors LLC Raises Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

ProShare Advisors LLC grew its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 53.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 153,976 shares of the company's stock after acquiring an additional 53,776 shares during the quarter. ProShare Advisors LLC's holdings in Valley National Bancorp were worth $1,395,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew 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 acquiring an additional 4,204,651 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 valued at $259,692,000 after acquiring an additional 2,810,005 shares during the period. 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 grew its stake in shares of Valley National Bancorp by 5.9% during the 4th 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 during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Valley National Bancorp during the 4th quarter valued at about $74,558,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VLY has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research note on Friday, January 24th. StockNews.com cut Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. Citigroup lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Barclays reduced their target price on shares of 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. Finally, Piper Sandler raised 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.55.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $8.63 on Thursday. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 12.51 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. The stock's 50 day simple moving average is $8.66 and its two-hundred day simple moving average is $9.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The business 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 in the previous year, the business earned $0.19 earnings per share. As a group, equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, June 13th. This represents a $0.44 annualized dividend and a yield of 5.10%. Valley National Bancorp's payout ratio is currently 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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