Valley National Bancorp (NASDAQ:VLY) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its stake in Valley National Bancorp (NASDAQ:VLY) by 58.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,094,081 shares of the company’s stock after selling 4,398,951 shares during the period. Millennium Management LLC’s holdings in Valley National Bancorp were worth $28,032,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Valley National Bancorp by 9.2% in the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company’s stock worth $453,020,000 after purchasing an additional 4,204,651 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Valley National Bancorp by 10.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company’s stock worth $259,692,000 after purchasing an additional 2,810,005 shares in the last quarter. Wellington Management Group LLP boosted its stake in Valley National Bancorp by 90.2% in the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company’s stock worth $154,558,000 after purchasing an additional 8,088,466 shares in the last quarter. Geode Capital Management LLC boosted its stake in Valley National Bancorp by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company’s stock worth $107,122,000 after purchasing an additional 656,200 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Valley National Bancorp in the 4th quarter worth approximately $74,558,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Trading Down 1.2%

Valley National Bancorp stock opened at $9.05 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The stock’s 50 day simple moving average is $8.65 and its two-hundred day simple moving average is $9.39. The firm has a market cap of $5.07 billion, a PE ratio of 13.12 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $483.98 million. During the same quarter in the prior year, the company posted $0.19 EPS. Analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.44 annualized dividend and a yield of 4.86%. Valley National Bancorp’s dividend payout ratio is presently 63.77%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on VLY shares. Barclays lowered their target price on shares of Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Piper Sandler upgraded 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. Citigroup upped their target price 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. JPMorgan Chase & Co. upped their target price on Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Finally, StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of “Hold” and a consensus target price of $10.60.

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.