Renaissance Technologies LLC Takes Position in Valley National Bancorp (NASDAQ:VLY)

Renaissance Technologies LLC purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 392,209 shares of the company's stock, valued at approximately $3,553,000. Renaissance Technologies LLC owned approximately 0.08% of Valley National Bancorp at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. R Squared Ltd bought a new position in Valley National Bancorp during the 4th quarter valued at $25,000. Sapient Capital LLC bought a new position in shares of Valley National Bancorp in the 4th quarter worth about $103,000. Financial Engines Advisors L.L.C. bought a new position in shares of Valley National Bancorp in the 4th quarter worth about $104,000. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Valley National Bancorp by 9.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock worth $104,000 after buying an additional 1,002 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Valley National Bancorp by 12.0% in the 4th quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock worth $116,000 after buying an additional 1,371 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Joseph Chillura sold 50,000 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction of $510,500.00. Following the completion of the sale, the executive vice president now owns 495,249 shares in the company, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

VLY has been the topic of a number of recent research reports. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a research report on Monday, March 24th. Citigroup raised their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. StockNews.com upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday. Stephens reiterated an "overweight" rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $10.67.

Valley National Bancorp Price Performance

Shares of VLY stock traded up $0.04 during midday trading on Monday, reaching $8.63. 6,976,392 shares of the company were exchanged, compared to its average volume of 7,115,676. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The company has a market cap of $4.83 billion, a P/E ratio of 12.51 and a beta of 1.06. The company's 50 day moving average price is $8.76 and its two-hundred day moving average price is $9.44. 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 released 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 for the quarter, compared to the consensus estimate of $483.98 million. During the same quarter last year, the firm posted $0.19 earnings per share. On average, sell-side analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.10%. The ex-dividend date was Friday, March 14th. Valley National Bancorp's dividend payout ratio is presently 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.