Alliancebernstein L.P. Increases Position in Valley National Bancorp (NASDAQ:VLY)

Alliancebernstein L.P. raised its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 32.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,193,696 shares of the company's stock after acquiring an additional 290,983 shares during the quarter. Alliancebernstein L.P. owned approximately 0.23% of Valley National Bancorp worth $10,815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. raised its stake in Valley National Bancorp by 9.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock valued at $104,000 after purchasing an additional 1,002 shares during the last quarter. United Services Automobile Association boosted its position in Valley National Bancorp by 3.7% during the fourth quarter. United Services Automobile Association now owns 28,702 shares of the company's stock worth $260,000 after acquiring an additional 1,029 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Valley National Bancorp by 2.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company's stock valued at $436,000 after acquiring an additional 1,046 shares in the last quarter. Empowered Funds LLC raised its holdings in Valley National Bancorp by 12.0% in the 4th quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock valued at $116,000 after acquiring an additional 1,371 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in Valley National Bancorp by 0.6% in the 4th quarter. New York State Teachers Retirement System now owns 283,222 shares of the company's stock worth $2,566,000 after purchasing an additional 1,683 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms recently commented on VLY. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a research report on Monday, March 24th. Citigroup lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Barclays cut their price objective on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada increased their price target on shares of Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Finally, StockNews.com lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $10.67.

Insiders Place Their Bets

In other news, EVP Joseph Chillura sold 50,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the sale, the executive vice president now directly owns 495,249 shares of the company's stock, valued at approximately $5,056,492.29. The trade was a 9.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.88% of the stock is owned by corporate insiders.

Valley National Bancorp Stock Up 2.3 %

NASDAQ VLY traded up $0.18 on Tuesday, hitting $8.23. 1,399,284 shares of the stock were exchanged, compared to its average volume of 7,012,357. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The company has a 50-day moving average price of $9.10 and a 200-day moving average price of $9.47. The company has a market cap of $4.61 billion, a PE ratio of 11.95 and a beta of 1.06. 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 (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates 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 period last year, the firm earned $0.22 earnings per share. Sell-side analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid 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 5.34%. Valley National Bancorp's dividend payout ratio is currently 63.77%.

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.