Ghisallo Capital Management LLC Purchases Shares of 1,250,000 Valley National Bancorp (NASDAQ:VLY)

Ghisallo Capital Management LLC acquired a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,250,000 shares of the company's stock, valued at approximately $11,325,000. Valley National Bancorp comprises 0.7% of Ghisallo Capital Management LLC's investment portfolio, making the stock its 28th biggest holding. Ghisallo Capital Management LLC owned 0.25% of Valley National Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Valley National Bancorp by 9.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock valued at $104,000 after acquiring an additional 1,002 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Valley National Bancorp by 2.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company's stock valued at $406,000 after acquiring an additional 1,024 shares during the last quarter. United Services Automobile Association increased its position in shares of Valley National Bancorp by 3.7% during the fourth quarter. United Services Automobile Association now owns 28,702 shares of the company's stock valued at $260,000 after acquiring an additional 1,029 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Valley National Bancorp by 2.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company's stock valued at $436,000 after acquiring an additional 1,046 shares during the last quarter. Finally, Empowered Funds LLC increased its position in shares of Valley National Bancorp by 12.0% during 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 last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock traded up $0.13 during trading hours on Thursday, reaching $8.73. The company had a trading volume of 2,449,365 shares, compared to its average volume of 7,102,681. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The business has a fifty day simple moving average of $8.72 and a 200 day simple moving average of $9.42. 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 firm has a market cap of $4.89 billion, a PE ratio of 12.66 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.18 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 company had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. During the same period in the previous year, the business earned $0.19 earnings per share. On average, analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.04%. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VLY shares. JPMorgan Chase & Co. increased their price target on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada increased their price target on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, January 24th. Barclays reduced their price objective on 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. Citigroup increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Finally, 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 report on Monday, March 24th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Valley National Bancorp has a consensus rating of "Hold" and a consensus price target of $10.67.

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.