Renaissance Technologies LLC Invests $3.55 Million in Valley National Bancorp (NASDAQ:VLY)

Renaissance Technologies LLC purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 392,209 shares of the company's stock, valued at approximately $3,553,000. Renaissance Technologies LLC owned approximately 0.08% of Valley National Bancorp as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in VLY. Vanguard Group Inc. grew its stake in Valley National Bancorp by 9.2% in the fourth quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock valued at $453,020,000 after purchasing an additional 4,204,651 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Valley National Bancorp by 90.2% in the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock valued at $154,558,000 after buying an additional 8,088,466 shares during the last quarter. Geode Capital Management LLC increased its holdings in Valley National Bancorp by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock worth $107,122,000 after buying an additional 656,200 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Valley National Bancorp by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock worth $68,966,000 after acquiring an additional 640,933 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Valley National Bancorp by 9.4% in the fourth quarter. Victory Capital Management Inc. now owns 6,211,531 shares of the company's stock valued at $56,276,000 after acquiring an additional 534,846 shares during the last quarter. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

VLY stock traded down $0.14 during trading hours on Friday, hitting $8.59. 7,483,777 shares of the stock were exchanged, compared to its average volume of 7,115,942. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $4.81 billion, a P/E ratio of 12.45 and a beta of 1.06. The company has a 50-day simple moving average of $8.79 and a two-hundred day simple moving average of $9.43.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The business had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. On average, analysts forecast that Valley National Bancorp will post 0.99 earnings per share 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. Investors of record on Friday, March 14th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend was Friday, March 14th. Valley National Bancorp's dividend payout ratio (DPR) is currently 63.77%.

Insider Buying and Selling

In related 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 transaction, the executive vice president now owns 495,249 shares of the company's stock, valued at $5,056,492.29. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.43% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

VLY has been the topic of several recent analyst reports. Citigroup boosted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, January 27th. Stephens restated an "overweight" rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research note on Thursday, January 2nd. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research note on Friday, January 24th. Piper Sandler raised 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, March 24th. Finally, Royal Bank of Canada raised their price target on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, January 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $10.67.

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.