Valley National Bancorp (NASDAQ:VLY) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP increased its position in shares of Valley National Bancorp (NASDAQ:VLY) by 90.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,059,328 shares of the company’s stock after acquiring an additional 8,088,466 shares during the quarter. Wellington Management Group LLP’s holdings in Valley National Bancorp were worth $154,558,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Valley National Bancorp by 17.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company’s stock worth $323,000 after purchasing an additional 5,181 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Valley National Bancorp by 27.8% during the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company’s stock worth $55,278,000 after buying an additional 1,327,829 shares during the period. JPMorgan Chase & Co. boosted its stake in Valley National Bancorp by 41.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company’s stock worth $13,539,000 after buying an additional 439,831 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Valley National Bancorp by 9.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company’s stock valued at $68,966,000 after buying an additional 640,933 shares during the period. Finally, HighTower Advisors LLC increased its stake in shares of Valley National Bancorp by 6.0% during the 3rd quarter. HighTower Advisors LLC now owns 31,831 shares of the company’s stock valued at $291,000 after acquiring an additional 1,806 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VLY has been the topic of several research analyst reports. Royal Bank of Canada raised their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Piper Sandler raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price objective for the company in a research note on Monday, March 24th. Stephens restated an “overweight” rating and set a $12.50 price objective on shares of Valley National Bancorp in a report on Thursday, January 2nd. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Finally, Citigroup upped their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.78.

Insider Transactions at Valley National Bancorp

In other news, EVP Joseph Chillura sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total transaction of $510,500.00. Following the completion of the sale, the executive vice president now owns 495,249 shares of the company’s stock, valued at approximately $5,056,492.29. This trade represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.88% of the company’s stock.

Valley National Bancorp Stock Up 1.9 %

NASDAQ VLY opened at $9.06 on Thursday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The business has a 50 day moving average price of $9.52 and a two-hundred day moving average price of $9.52. The stock has a market cap of $5.08 billion, a PE ratio of 13.13 and a beta of 1.11.

Valley National Bancorp (NASDAQ:VLY) last announced its 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 previous year, the company earned $0.22 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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