2,141,217 Shares in Valley National Bancorp (NASDAQ:VLY) Purchased by Basswood Capital Management L.L.C.

Basswood Capital Management L.L.C. acquired a new stake in shares of Valley National Bancorp (NASDAQ:VLY) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,141,217 shares of the company’s stock, valued at approximately $19,399,000. Basswood Capital Management L.L.C. owned approximately 0.42% of Valley National Bancorp at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in shares of Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after acquiring an additional 6,703,552 shares during the period. Victory Capital Management Inc. grew its position in Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after purchasing an additional 5,322,278 shares in the last quarter. Millennium Management LLC raised its stake in Valley National Bancorp by 995.0% during the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after purchasing an additional 2,522,204 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Valley National Bancorp by 416.7% in the third quarter. Verition Fund Management LLC now owns 852,884 shares of the company’s stock valued at $7,727,000 after purchasing an additional 687,813 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Valley National Bancorp by 461.7% in the second quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock worth $3,960,000 after buying an additional 466,303 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Price Performance

NASDAQ VLY opened at $10.64 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $5.42 billion, a PE ratio of 17.16 and a beta of 1.07. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The company has a 50 day moving average price of $9.57 and a two-hundred day moving average price of $8.34.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same quarter in the prior year, the company posted $0.26 EPS. As a group, equities analysts predict that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.14%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Analysts Set New Price Targets

Several research analysts recently weighed in on VLY shares. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Wedbush reiterated a “neutral” rating and issued a $10.00 target price on shares of Valley National Bancorp in a report on Friday, October 25th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $10.50 to $11.00 in a report on Monday, November 11th. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Piper Sandler increased their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.88.

About Valley National Bancorp

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.