State Street Corp Has $223.10 Million Position in Valley National Bancorp (NASDAQ:VLY)

State Street Corp reduced its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 8.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,299,120 shares of the company's stock after selling 2,244,588 shares during the period. State Street Corp owned about 4.77% of Valley National Bancorp worth $223,100,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLY. Kestra Investment Management LLC bought a new position in Valley National Bancorp in the 3rd quarter worth $515,000. Intech Investment Management LLC boosted its holdings in Valley National Bancorp by 332.7% in the 3rd quarter. Intech Investment Management LLC now owns 163,478 shares of the company's stock valued at $1,481,000 after purchasing an additional 125,695 shares during the period. Victory Capital Management Inc. grew its position in Valley National Bancorp by 1,501.7% in 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 during the last quarter. Waterfall Asset Management LLC bought a new position in shares of Valley National Bancorp during the 2nd quarter worth about $1,693,000. Finally, Pathstone Holdings LLC raised its position in shares of Valley National Bancorp by 44.7% during the third quarter. Pathstone Holdings LLC now owns 231,591 shares of the company's stock valued at $2,098,000 after buying an additional 71,553 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Trading Down 1.2 %

Shares of NASDAQ:VLY traded down $0.12 during midday trading on Thursday, hitting $10.26. The company had a trading volume of 1,732,964 shares, compared to its average volume of 6,090,116. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 16.53 and a beta of 1.09. The firm has a fifty day simple moving average of $9.83 and a 200 day simple moving average of $8.49. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $921.22 million for the quarter, compared to analysts' expectations 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 previous year, the firm posted $0.26 EPS. On average, analysts predict that Valley National Bancorp will post 0.65 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Friday, December 13th. Valley National Bancorp's dividend payout ratio is presently 70.97%.

Wall Street Analyst Weigh In

VLY has been the topic of several research reports. Royal Bank of Canada boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Morgan Stanley boosted their price objective on 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. Wedbush restated a "neutral" rating and issued a $10.00 target price on shares of Valley National Bancorp in a research note on Friday, October 25th. Barclays lifted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 5th. Finally, Piper Sandler increased their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Valley National Bancorp presently has a consensus rating of "Hold" and a consensus price target of $10.00.

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.