Rhumbline Advisers Trims Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

Rhumbline Advisers trimmed its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,550,873 shares of the company's stock after selling 30,268 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of Valley National Bancorp worth $13,787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Retirement Systems of Alabama raised its position in shares of Valley National Bancorp by 11.1% in the 4th quarter. Retirement Systems of Alabama now owns 577,295 shares of the company's stock worth $5,230,000 after acquiring an additional 57,684 shares in the last quarter. Yousif Capital Management LLC grew its position in shares of Valley National Bancorp by 5.0% during the 4th quarter. Yousif Capital Management LLC now owns 165,180 shares of the company's stock worth $1,497,000 after buying an additional 7,818 shares during the period. State of Alaska Department of Revenue increased its stake in Valley National Bancorp by 9.5% in the fourth quarter. State of Alaska Department of Revenue now owns 54,132 shares of the company's stock valued at $490,000 after purchasing an additional 4,710 shares in the last quarter. Empowered Funds LLC grew its stake in Valley National Bancorp by 12.0% in the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock valued at $116,000 after acquiring an additional 1,371 shares during the period. Finally, Sapient Capital LLC bought a new stake in Valley National Bancorp during the 4th quarter valued at $103,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Truist Financial initiated coverage on Valley National Bancorp in a report on Tuesday, May 13th. They set a "hold" rating and a $10.00 price objective for the company. Jefferies Financial Group initiated coverage on Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price on the stock. Wall Street Zen lowered Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a research note on Monday, March 24th. Finally, Barclays dropped their price target 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.55.

Valley National Bancorp Trading Down 0.3%

Shares of VLY stock traded down $0.03 on Thursday, hitting $8.92. 10,743,883 shares of the company's stock traded hands, compared to its average volume of 7,624,388. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 12.93 and a beta of 1.06. The company's fifty day simple moving average is $8.65 and its 200 day simple moving average is $9.25. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $483.98 million. During the same period last year, the business posted $0.19 earnings per share. Equities analysts forecast that Valley National Bancorp will post 0.99 EPS 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. Shareholders of record on Friday, June 13th will be given 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 4.93%. 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.