Burkehill Global Management LP Purchases Shares of 2,300,000 Valley National Bancorp (NASDAQ:VLY)

Burkehill Global Management LP acquired a new position in shares of Valley National Bancorp (NASDAQ:VLY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,300,000 shares of the company’s stock, valued at approximately $20,838,000. Valley National Bancorp makes up about 2.0% of Burkehill Global Management LP’s investment portfolio, making the stock its 14th biggest position. Burkehill Global Management LP owned 0.45% of Valley National Bancorp at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its position in Valley National Bancorp by 2.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company’s stock valued at $436,000 after purchasing an additional 1,046 shares during the last quarter. Empowered Funds LLC raised its position in shares of Valley National Bancorp by 12.0% during the 4th quarter. Empowered Funds LLC now owns 12,812 shares of the company’s stock valued at $116,000 after buying an additional 1,371 shares in the last quarter. Townsquare Capital LLC lifted its holdings in shares of Valley National Bancorp by 11.8% during the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock worth $130,000 after acquiring an additional 1,521 shares during the last quarter. New York State Teachers Retirement System grew its position in Valley National Bancorp by 0.6% during the fourth quarter. New York State Teachers Retirement System now owns 283,222 shares of the company’s stock valued at $2,566,000 after acquiring an additional 1,683 shares during the last quarter. Finally, HighTower Advisors LLC raised its stake in shares of Valley National Bancorp by 6.0% during the third quarter. HighTower Advisors LLC now owns 31,831 shares of the company’s stock worth $291,000 after acquiring an additional 1,806 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 50,000 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total value 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 represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on VLY shares. Royal Bank of Canada boosted their price target on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Barclays lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price target on 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, Stephens reiterated an “overweight” rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $10.67.

Valley National Bancorp Price Performance

Shares of VLY stock opened at $8.69 on Thursday. 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 fifty-two week low of $6.47 and a fifty-two week high of $11.10. The firm has a market cap of $4.87 billion, a P/E ratio of 12.59 and a beta of 1.11. The business’s 50 day moving average price is $9.61 and its 200-day moving average price is $9.47.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same quarter in the prior year, the firm posted $0.22 earnings per share. On average, equities research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend is Friday, March 14th. Valley National Bancorp’s dividend payout ratio is currently 63.77%.

Valley National Bancorp 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.