ProShare Advisors LLC Acquires 53,776 Shares of Valley National Bancorp (NASDAQ:VLY)

ProShare Advisors LLC raised its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 53.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 153,976 shares of the company's stock after purchasing 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 institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new position in Valley National Bancorp in the fourth quarter valued at about $31,490,000. Xponance Inc. grew its stake in Valley National Bancorp by 13.7% in the fourth quarter. Xponance Inc. now owns 66,588 shares of the company's stock valued at $603,000 after acquiring an additional 8,032 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in Valley National Bancorp by 17.0% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company's stock valued at $323,000 after acquiring an additional 5,181 shares during the period. Bank of New York Mellon Corp grew its stake in Valley National Bancorp by 27.8% in the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock valued at $55,278,000 after acquiring an additional 1,327,829 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Valley National Bancorp by 9.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock valued at $68,966,000 after acquiring an additional 640,933 shares during the period. Institutional investors own 61.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. 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 report on Monday, March 24th. Barclays dropped their target price on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Truist Financial initiated coverage on Valley National Bancorp in a report on Tuesday, May 13th. They set a "hold" rating and a $10.00 target price on the stock. Finally, Citigroup upped their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Valley National Bancorp presently has an average rating of "Hold" and a consensus target price of $10.55.

Valley National Bancorp Price Performance

Shares of VLY stock traded up $0.09 during trading hours on Tuesday, reaching $8.79. The company's stock had a trading volume of 1,198,127 shares, compared to its average volume of 7,437,658. The firm's 50 day simple moving average is $8.65 and its 200-day simple moving average is $9.35. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of 12.73 and a beta of 1.05. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share 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 analyst estimates of $483.98 million. Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period in the prior year, the business posted $0.19 EPS. Sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date is Friday, June 13th. Valley National Bancorp's payout ratio is 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.