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

Northern Trust Corp raised its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 21.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,788,927 shares of the company's stock after purchasing an additional 1,011,030 shares during the quarter. Northern Trust Corp owned about 1.14% of Valley National Bancorp worth $52,448,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Valley National Bancorp by 41.7% during the third quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company's stock worth $13,539,000 after purchasing an additional 439,831 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in Valley National Bancorp by 17.0% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company's stock worth $323,000 after buying an additional 5,181 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Valley National Bancorp by 22.4% in the 4th quarter. SG Americas Securities LLC now owns 56,228 shares of the company's stock worth $509,000 after acquiring an additional 10,300 shares during the period. KBC Group NV boosted 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 acquiring an additional 3,585 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Valley National Bancorp by 8.8% during the fourth quarter. Pacer Advisors Inc. now owns 67,976 shares of the company's stock worth $616,000 after acquiring an additional 5,503 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on VLY. Royal Bank of Canada raised their price objective on shares of Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. raised their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research note on Friday, January 24th. Citigroup boosted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Finally, Barclays dropped their price target on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $10.67.

Valley National Bancorp Price Performance

Shares of VLY traded down $0.03 during trading hours on Friday, reaching $8.81. 6,621,013 shares of the company traded hands, compared to its average volume of 7,216,785. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The stock has a market capitalization of $4.93 billion, a PE ratio of 12.77 and a beta of 1.05. The stock has a fifty day simple moving average of $8.62 and a 200 day simple moving average of $9.41. 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 announced its quarterly earnings data on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $479.67 million for the quarter, compared to analysts' expectations 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 previous year, the company posted $0.19 EPS. As a group, research analysts predict that Valley National Bancorp will post 0.99 EPS 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. Stockholders of record on Friday, March 14th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date of this dividend was Friday, March 14th. Valley National Bancorp's dividend 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.