Verition Fund Management LLC Has $7.73 Million Stock Position in Valley National Bancorp (NASDAQ:VLY)

Verition Fund Management LLC lifted its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 416.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 852,884 shares of the company's stock after purchasing an additional 687,813 shares during the quarter. Verition Fund Management LLC owned about 0.17% of Valley National Bancorp worth $7,727,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in VLY. Dimensional Fund Advisors LP grew its position in Valley National Bancorp by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company's stock worth $179,537,000 after purchasing an additional 337,416 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company's stock worth $69,233,000 after buying an additional 6,703,552 shares during the period. Charles Schwab Investment Management Inc. increased its position in Valley National Bancorp by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company's stock valued at $63,159,000 after acquiring an additional 98,574 shares during the period. Victory Capital Management Inc. increased 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 valued at $51,431,000 after acquiring an additional 5,322,278 shares during the period. Finally, Millennium Management LLC raised its stake in Valley National Bancorp by 995.0% during the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company's stock valued at $19,374,000 after acquiring an additional 2,522,204 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Price Performance

VLY stock traded down $0.09 on Monday, hitting $10.55. 5,041,255 shares of the company's stock traded hands, compared to its average volume of 6,162,406. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 17.18 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 current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The stock has a fifty day moving average of $9.57 and a 200-day moving average of $8.34.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same period last year, the company posted $0.26 EPS. On average, analysts forecast that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.17%. Valley National Bancorp's payout ratio is presently 70.97%.

Wall Street Analysts Forecast Growth

VLY has been the subject of several recent analyst reports. Piper Sandler increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. Barclays upgraded shares of Valley National Bancorp from an "underweight" rating to an "equal weight" rating and increased their target price for the company from $9.00 to $10.00 in a research report on Thursday, October 31st. Royal Bank of Canada boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $10.50 to $11.00 in a report on Monday, November 11th. Finally, Morgan Stanley raised their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned 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 $9.88.

Valley National Bancorp 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.