Voloridge Investment Management LLC Raises Stock Position in Valley National Bancorp (NASDAQ:VLY)

Voloridge Investment Management LLC grew its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 10.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,300,292 shares of the company's stock after buying an additional 322,446 shares during the period. Voloridge Investment Management LLC owned 0.65% of Valley National Bancorp worth $29,901,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Hennion & Walsh Asset Management Inc. grew its holdings in shares of 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 purchasing an additional 5,181 shares during the period. SG Americas Securities LLC grew its holdings in shares of Valley National Bancorp by 22.4% in the fourth quarter. SG Americas Securities LLC now owns 56,228 shares of the company's stock valued at $509,000 after purchasing an additional 10,300 shares during the period. KBC Group NV grew its holdings in shares of Valley National Bancorp by 24.8% in the fourth quarter. KBC Group NV now owns 18,035 shares of the company's stock valued at $163,000 after purchasing an additional 3,585 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Valley National Bancorp by 8.8% in the fourth quarter. Pacer Advisors Inc. now owns 67,976 shares of the company's stock valued at $616,000 after purchasing an additional 5,503 shares during the period. Finally, R Squared Ltd purchased a new stake in shares of Valley National Bancorp in the fourth quarter valued at about $25,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Stock Up 0.1%

Valley National Bancorp stock traded up $0.01 during trading on Friday, reaching $8.70. The stock had a trading volume of 8,485,060 shares, compared to its average volume of 7,460,757. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The business has a 50 day moving average price of $8.65 and a 200 day moving average price of $9.36. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The stock has a market cap of $4.87 billion, a PE ratio of 12.61 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued 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 return on equity of 5.14% and a net margin of 10.62%. The firm had revenue of $479.67 million during the quarter, compared to analysts' expectations of $483.98 million. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, analysts predict 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. Investors of record on Friday, June 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 5.06%. Valley National Bancorp's dividend payout ratio is currently 63.77%.

Analyst Upgrades and Downgrades

VLY has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a report on Friday, January 24th. Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price for the company in a research note on Monday, March 24th. Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Wall Street Zen lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Finally, Citigroup increased their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, January 27th. 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 data from MarketBeat.com, the stock has an average rating of "Hold" and an average 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.