Intech Investment Management LLC Increases Stock Position in Valley National Bancorp (NASDAQ:VLY)

Intech Investment Management LLC lifted its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 332.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 163,478 shares of the company's stock after purchasing an additional 125,695 shares during the quarter. Intech Investment Management LLC's holdings in Valley National Bancorp were worth $1,481,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of VLY. AQR Capital Management LLC lifted its position in Valley National Bancorp by 193.2% in the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company's stock valued at $69,233,000 after buying an additional 6,703,552 shares during the last quarter. Victory Capital Management Inc. lifted its position in Valley National Bancorp by 1,501.7% in the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company's stock valued at $51,431,000 after buying an additional 5,322,278 shares during the last quarter. Millennium Management LLC lifted its position in Valley National Bancorp by 995.0% in the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company's stock valued at $19,374,000 after buying an additional 2,522,204 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Valley National Bancorp by 461.7% during the second quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company's stock worth $3,960,000 after purchasing an additional 466,303 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Valley National Bancorp by 103.5% during the second quarter. Thrivent Financial for Lutherans now owns 843,376 shares of the company's stock worth $5,887,000 after purchasing an additional 428,851 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Stock Down 0.8 %

Valley National Bancorp stock traded down $0.09 during mid-day trading on Tuesday, hitting $10.69. The company had a trading volume of 8,978,558 shares, compared to its average volume of 6,187,407. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 17.24 and a beta of 1.07. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. 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 business has a fifty day moving average of $9.48 and a 200 day moving average of $8.28.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the prior year, the firm posted $0.26 earnings per share. On average, sell-side analysts expect 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 paid a $0.11 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.12%. Valley National Bancorp's dividend payout ratio is currently 70.97%.

Analysts Set New Price Targets

VLY has been the topic of several research reports. Barclays raised shares of Valley National Bancorp from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $9.00 to $10.00 in a research report on Thursday, October 31st. Piper Sandler increased their price target 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. Wedbush reissued a "neutral" rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, October 25th. Finally, StockNews.com lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. One 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. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $9.88.

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.