Cibc World Markets Corp Invests $397,000 in Valley National Bancorp (NASDAQ:VLY)

Cibc World Markets Corp purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 43,786 shares of the company's stock, valued at approximately $397,000.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Valley National Bancorp by 384.2% in the 3rd quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company's stock worth $81,276,000 after buying an additional 7,118,044 shares during the last quarter. Burkehill Global Management LP purchased a new stake in Valley National Bancorp in the fourth quarter worth $20,838,000. Basswood Capital Management L.L.C. bought a new stake in Valley National Bancorp in the third quarter valued at $19,399,000. Bank of New York Mellon Corp increased its position in Valley National Bancorp by 27.8% during the 4th quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock valued at $55,278,000 after purchasing an additional 1,327,829 shares during the period. Finally, PL Capital Advisors LLC raised its holdings in Valley National Bancorp by 806.0% in the 4th quarter. PL Capital Advisors LLC now owns 906,000 shares of the company's stock worth $8,208,000 after purchasing an additional 806,000 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

Shares of VLY traded down $0.05 during trading hours on Thursday, hitting $8.98. The stock had a trading volume of 5,358,525 shares, compared to its average volume of 6,429,014. The firm has a market capitalization of $5.03 billion, a PE ratio of 13.01 and a beta of 1.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The stock has a fifty day moving average price of $9.59 and a 200 day moving average price of $9.50.

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Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) 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 in the prior year, the company earned $0.22 EPS. Analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date is Friday, March 14th. Valley National Bancorp's payout ratio is 63.77%.

Insider Activity

In related news, EVP Joseph Chillura sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. The trade was a 9.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.88% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on VLY. Barclays boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Thursday, December 5th. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a report on Monday. Citigroup increased their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a report on Monday, January 27th. JPMorgan Chase & Co. boosted their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. Finally, Royal Bank of Canada increased their target price on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Valley National Bancorp presently has an average rating of "Hold" and an average target price of $10.78.

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.