Wellington Management Group LLP Purchases 8,088,466 Shares of Valley National Bancorp (NASDAQ:VLY)

Wellington Management Group LLP boosted its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 90.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,059,328 shares of the company's stock after buying an additional 8,088,466 shares during the quarter. Wellington Management Group LLP owned approximately 3.04% of Valley National Bancorp worth $154,558,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. O Shaughnessy Asset Management LLC increased its holdings in shares of Valley National Bancorp by 32.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 88,496 shares of the company's stock worth $802,000 after buying an additional 21,491 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Valley National Bancorp by 88.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 20,677 shares of the company's stock valued at $186,000 after acquiring an additional 9,714 shares in the last quarter. California Public Employees Retirement System grew its position in Valley National Bancorp by 0.3% during the 4th quarter. California Public Employees Retirement System now owns 779,572 shares of the company's stock worth $7,063,000 after acquiring an additional 1,954 shares during the last quarter. Norges Bank acquired a new position in Valley National Bancorp in the 4th quarter worth about $31,490,000. Finally, JPMorgan Chase & Co. raised its position in Valley National Bancorp by 66.3% in the fourth quarter. JPMorgan Chase & Co. now owns 2,485,474 shares of the company's stock valued at $22,518,000 after purchasing an additional 991,084 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

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Insider Buying and Selling

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of Valley National Bancorp stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the sale, the executive vice president now directly owns 495,249 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this hyperlink. 1.88% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on VLY shares. Citigroup boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. JPMorgan Chase & Co. upped their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a report on Monday, March 24th. Royal Bank of Canada increased their price objective on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Finally, Stephens reaffirmed an "overweight" rating and set a $12.50 target price on shares of Valley National Bancorp in a report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $10.78.

Valley National Bancorp Trading Up 0.7 %

Valley National Bancorp stock traded up $0.06 during trading hours on Monday, reaching $8.11. 26,555,757 shares of the company's stock were exchanged, compared to its average volume of 6,824,054. The firm's 50 day simple moving average is $9.40 and its 200 day simple moving average is $9.51. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $4.54 billion, a PE ratio of 11.75 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period last year, the firm posted $0.22 EPS. Research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.11 per share. The ex-dividend date was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.43%. Valley National Bancorp's payout ratio is presently 63.77%.

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.