Wells Fargo & Company MN Grows Stock Position in Valley National Bancorp (NASDAQ:VLY)

Wells Fargo & Company MN grew its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 28.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 320,847 shares of the company's stock after purchasing an additional 70,967 shares during the period. Wells Fargo & Company MN owned approximately 0.06% of Valley National Bancorp worth $2,907,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of VLY. R Squared Ltd purchased a new position in Valley National Bancorp in the fourth quarter worth about $25,000. Sapient Capital LLC purchased a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $103,000. Meiji Yasuda Asset Management Co Ltd. raised its holdings 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 purchasing an additional 1,002 shares during the last quarter. Financial Engines Advisors L.L.C. purchased a new stake in shares of Valley National Bancorp in the 4th quarter worth $104,000. Finally, Empowered Funds LLC increased its stake 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 purchasing an additional 1,371 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Up 0.5 %

Shares of NASDAQ VLY traded up $0.04 during mid-day trading on Tuesday, reaching $8.67. 6,826,247 shares of the company were exchanged, compared to its average volume of 7,116,513. 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 $4.86 billion, a price-to-earnings ratio of 12.57 and a beta of 1.06. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The firm has a 50-day moving average of $8.74 and a 200 day moving average of $9.43.

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 net margin of 10.62% and a return on equity of 5.14%. The business had revenue of $479.67 million during the quarter, compared to analysts' expectations of $483.98 million. During the same quarter last year, the business posted $0.19 earnings per share. On average, research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.07%. The ex-dividend date was Friday, March 14th. Valley National Bancorp's payout ratio is 63.77%.

Insider Transactions at Valley National Bancorp

In related news, EVP Joseph Chillura sold 50,000 shares of the firm's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction of $510,500.00. Following the sale, the executive vice president now directly owns 495,249 shares of the company's stock, valued at $5,056,492.29. This trade represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.43% of the company's stock.

Analyst Ratings Changes

VLY has been the subject of a number of analyst reports. Citigroup increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, January 27th. Barclays lowered their price target on shares of 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. Stephens reaffirmed an "overweight" rating and issued a $12.50 price target on shares of Valley National Bancorp in a report on Thursday, January 2nd. JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research note on Friday, January 24th. Finally, Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a research report on Monday, March 24th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $10.67.

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.