Verition Fund Management LLC purchased a new position in Valley National Bancorp (NASDAQ:VLY – Get Rating) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 359,688 shares of the company's stock, valued at approximately $3,744,000. Verition Fund Management LLC owned 0.07% of Valley National Bancorp at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Prelude Capital Management LLC purchased a new position in shares of Valley National Bancorp in the second quarter worth $122,000. Captrust Financial Advisors lifted its holdings in shares of Valley National Bancorp by 446.7% in the second quarter. Captrust Financial Advisors now owns 80,954 shares of the company's stock worth $844,000 after buying an additional 66,147 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Valley National Bancorp in the second quarter worth $7,255,000. Goldman Sachs Group Inc. lifted its holdings in shares of Valley National Bancorp by 39.9% in the second quarter. Goldman Sachs Group Inc. now owns 3,022,243 shares of the company's stock worth $31,462,000 after buying an additional 861,512 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Valley National Bancorp by 87.3% in the second quarter. Jane Street Group LLC now owns 97,370 shares of the company's stock worth $1,014,000 after buying an additional 45,388 shares in the last quarter. 68.99% of the stock is currently owned by institutional investors.
Get Valley National Bancorp alerts:Valley National Bancorp Trading Down 0.4 %
NASDAQ VLY opened at $11.21 on Friday. The company's 50-day moving average price is $11.92 and its 200-day moving average price is $11.73. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26. The stock has a market cap of $5.68 billion, a PE ratio of 10.58 and a beta of 1.10. Valley National Bancorp has a 12 month low of $10.01 and a 12 month high of $15.10.
Valley National Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Wednesday, December 14th. Valley National Bancorp's payout ratio is presently 41.51%.Analyst Upgrades and Downgrades
A number of research firms recently issued reports on VLY. JPMorgan Chase & Co. decreased their price target on shares of Valley National Bancorp from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday. StockNews.com began coverage on shares of Valley National Bancorp in a research note on Wednesday, October 12th. They set a "hold" rating on the stock. Hovde Group decreased their price target on shares of Valley National Bancorp to $14.00 in a research note on Tuesday, November 1st. Piper Sandler decreased their price target on shares of Valley National Bancorp to $14.00 in a research note on Wednesday, October 5th. Finally, Morgan Stanley started coverage on shares of Valley National Bancorp in a research note on Monday, December 5th. They issued an "equal weight" rating and a $14.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $13.67.
About Valley National Bancorp
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Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Commercial Lending, Consumer Lending, and Investment Management segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.
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