Verition Fund Management LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,154 shares of the company’s stock, valued at approximately $119,000.
A number of other large investors have also recently made changes to their positions in the stock. Truist Financial Corp grew its stake in Valley National Bancorp by 17.3% in the fourth quarter. Truist Financial Corp now owns 135,845 shares of the company’s stock worth $1,325,000 after purchasing an additional 20,034 shares in the last quarter. Jane Street Group LLC boosted its position in Valley National Bancorp by 75.9% during the 4th quarter. Jane Street Group LLC now owns 42,080 shares of the company’s stock valued at $411,000 after acquiring an additional 18,154 shares in the last quarter. Cetera Investment Advisers bought a new stake in Valley National Bancorp during the 4th quarter valued at $630,000. Morgan Stanley boosted its position in Valley National Bancorp by 10.1% during the 4th quarter. Morgan Stanley now owns 1,754,830 shares of the company’s stock valued at $17,110,000 after acquiring an additional 160,594 shares in the last quarter. Finally, Paloma Partners Management Co boosted its position in Valley National Bancorp by 151.3% during the 4th quarter. Paloma Partners Management Co now owns 51,398 shares of the company’s stock valued at $501,000 after acquiring an additional 30,946 shares in the last quarter. 58.21% of the stock is currently owned by institutional investors.
In other Valley National Bancorp news, Director Kevin J. Lynch sold 300,000 shares of the business’s stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $10.66, for a total value of $3,198,000.00. Following the sale, the director now owns 374,395 shares of the company’s stock, valued at $3,991,050.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.24% of the company’s stock.
Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Wednesday, January 27th. The company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. The business had revenue of $335.45 million for the quarter, compared to analysts’ expectations of $329.65 million. Valley National Bancorp had a return on equity of 8.85% and a net margin of 20.63%. The business’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. As a group, equities analysts forecast that Valley National Bancorp will post 0.94 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Monday, March 15th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Friday, March 12th. Valley National Bancorp’s dividend payout ratio is currently 47.83%.
VLY has been the subject of a number of recent analyst reports. Hovde Group cut Valley National Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Zacks Investment Research lowered Valley National Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, April 1st. Finally, Morgan Stanley raised their target price on Valley National Bancorp from $13.50 to $14.75 and gave the stock an “equal weight” rating in a research note on Wednesday, March 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $10.75.
Valley National Bancorp Profile
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth management financial services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market accounts, as well as certificates of deposit.
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