Northern Trust Corp Grows Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

Northern Trust Corp increased its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 21.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,788,927 shares of the company's stock after acquiring an additional 1,011,030 shares during the period. Northern Trust Corp owned approximately 1.14% of Valley National Bancorp worth $52,448,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in 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 buying an additional 4,204,651 shares during the last quarter. Dimensional Fund Advisors LP raised 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 worth $259,692,000 after buying an additional 2,810,005 shares during the last quarter. Wellington Management Group LLP raised its holdings 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 buying an additional 8,088,466 shares during the last quarter. Geode Capital Management LLC raised its holdings in Valley National Bancorp by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock worth $107,122,000 after buying an additional 656,200 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings 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 worth $68,966,000 after buying an additional 640,933 shares during the last quarter. Institutional investors own 61.00% of the company's stock.

Wall Street Analyst Weigh In

VLY has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. JPMorgan Chase & Co. boosted 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. StockNews.com upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, April 26th. Truist Financial started coverage on shares of Valley National Bancorp in a research report on Tuesday. They set a "hold" rating and a $10.00 target price for the company. Finally, Royal Bank of Canada boosted their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, January 24th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.60.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY traded up $0.07 during midday trading on Tuesday, reaching $9.27. 2,769,004 shares of the company were exchanged, compared to its average volume of 7,212,168. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. The business's fifty day moving average is $8.62 and its two-hundred day moving average is $9.40. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The stock has a market cap of $5.19 billion, a PE ratio of 13.43 and a beta of 1.05.

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). 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 for the quarter, compared to the consensus estimate of $483.98 million. During the same quarter in the prior year, the company posted $0.19 EPS. As a group, analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.11 per share. The ex-dividend date was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.75%. Valley National Bancorp's dividend payout ratio is 63.77%.

About Valley National Bancorp

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.