Point72 Europe London LLP Invests $4.66 Million in Valley National Bancorp (NASDAQ:VLY)

Point72 Europe London LLP acquired a new stake in Valley National Bancorp (NASDAQ:VLY) in the fourth quarter, Holdings Channel.com reports. The firm acquired 514,404 shares of the company’s stock, valued at approximately $4,660,000.

Several other hedge funds also recently bought and sold shares of VLY. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Valley National Bancorp by 9.5% during the 4th 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 in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Valley National Bancorp by 2.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company’s stock worth $406,000 after purchasing an additional 1,024 shares in the last quarter. United Services Automobile Association grew its holdings in shares of Valley National Bancorp by 3.7% during the fourth quarter. United Services Automobile Association now owns 28,702 shares of the company’s stock worth $260,000 after purchasing an additional 1,029 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Valley National Bancorp by 2.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company’s stock worth $436,000 after purchasing an additional 1,046 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Valley National Bancorp by 12.0% during the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company’s stock valued at $116,000 after purchasing an additional 1,371 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Analysts Set New Price Targets

VLY has been the topic of a number of research reports. Citigroup raised their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Royal Bank of Canada boosted their target price on 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. increased their price target 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. 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. Finally, Barclays reduced their price target on shares of Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.60.

Valley National Bancorp Stock Performance

VLY stock opened at $9.17 on Thursday. The firm has a 50-day simple moving average of $8.62 and a two-hundred day simple moving average of $9.40. 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 has a one year low of $6.47 and a one year high of $11.10. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 13.29 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $479.67 million for the quarter, compared to analysts’ expectations of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period in the prior year, the firm posted $0.19 EPS. On average, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date of this dividend was Friday, March 14th. Valley National Bancorp’s dividend payout ratio (DPR) is 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.