Voya Investment Management LLC Boosts Stock Position in Valley National Bancorp (NASDAQ:VLY)

Voya Investment Management LLC increased its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 37.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 560,325 shares of the company's stock after purchasing an additional 152,688 shares during the period. Voya Investment Management LLC owned 0.11% of Valley National Bancorp worth $5,077,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of VLY. R Squared Ltd acquired a new stake in shares of Valley National Bancorp in the 4th quarter worth $25,000. Sapient Capital LLC acquired a new stake in Valley National Bancorp in the fourth quarter valued at $103,000. CreativeOne Wealth LLC acquired a new stake in shares of Valley National Bancorp in the fourth quarter valued at about $102,000. Financial Engines Advisors L.L.C. acquired a new stake in shares of Valley National Bancorp during the 4th quarter valued at approximately $104,000. Finally, Meiji Yasuda Asset Management Co Ltd. raised its holdings in 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 worth $104,000 after purchasing an additional 1,002 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on VLY shares. Royal Bank of Canada increased 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. 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. Barclays reduced their target price on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Citigroup raised their price target 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, Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a research report on Monday, March 24th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $10.67.

Valley National Bancorp Trading Down 0.8 %

Shares of VLY traded down $0.08 during mid-day trading on Tuesday, hitting $8.83. The company had a trading volume of 1,210,724 shares, compared to its average volume of 7,113,413. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. 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 business's 50-day simple moving average is $8.68 and its 200-day simple moving average is $9.41. The stock has a market cap of $4.94 billion, a PE ratio of 12.80 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). The firm had revenue of $479.67 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $0.19 EPS. Sell-side analysts forecast 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. Stockholders of record on Friday, March 14th were paid 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 4.99%. Valley National Bancorp's dividend payout ratio (DPR) is currently 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.