Wellington Management Group LLP Boosts Holdings in Valley National Bancorp (NASDAQ:VLY)

Wellington Management Group LLP boosted its stake in Valley National Bancorp (NASDAQ:VLY) by 90.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,059,328 shares of the company’s stock after acquiring an additional 8,088,466 shares during the period. Wellington Management Group LLP owned about 3.04% of Valley National Bancorp worth $154,558,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of Valley National Bancorp by 105.8% in the third quarter. FMR LLC now owns 32,146 shares of the company’s stock valued at $291,000 after acquiring an additional 16,529 shares during the period. Townsquare Capital LLC boosted its stake in Valley National Bancorp by 11.8% during the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock worth $130,000 after purchasing an additional 1,521 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Valley National Bancorp by 14.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 103,074 shares of the company’s stock worth $934,000 after purchasing an additional 12,669 shares during the last quarter. PEAK6 Investments LLC acquired a new position in Valley National Bancorp in the third quarter valued at $543,000. Finally, Captrust Financial Advisors raised its holdings in shares of Valley National Bancorp by 9.0% in the third quarter. Captrust Financial Advisors now owns 52,610 shares of the company’s stock valued at $477,000 after buying an additional 4,344 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 1.9 %

VLY stock opened at $9.06 on Thursday. Valley National Bancorp has a 52 week low of $6.47 and a 52 week 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 company has a market cap of $5.08 billion, a P/E ratio of 13.13 and a beta of 1.11. The company’s 50-day moving average price is $9.52 and its 200 day moving average price is $9.52.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 earnings per share. On average, research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a yield of 4.86%. Valley National Bancorp’s payout ratio is 63.77%.

Analyst Upgrades and Downgrades

VLY has been the topic of several recent research reports. Citigroup boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Stephens restated an “overweight” rating and set a $12.50 price target on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Barclays lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Piper Sandler upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price objective for the company in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp has a consensus rating of “Hold” and an average target price of $10.78.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction 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 approximately $5,056,492.29. This trade represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.88% of the stock is currently owned by insiders.

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.