Valley National Bancorp (NASDAQ:VLY) Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its position in Valley National Bancorp (NASDAQ:VLYFree Report) by 27.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 948,836 shares of the company’s stock after selling 359,948 shares during the quarter. Citigroup Inc. owned approximately 0.19% of Valley National Bancorp worth $8,596,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Valley National Bancorp by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock valued at $179,537,000 after buying an additional 337,416 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Valley National Bancorp by 193.2% during the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after acquiring an additional 6,703,552 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Valley National Bancorp by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock worth $63,159,000 after acquiring an additional 98,574 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Valley National Bancorp by 1,501.7% during the third 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. Finally, Millennium Management LLC increased its stake in Valley National Bancorp by 995.0% in the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after purchasing an additional 2,522,204 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Royal Bank of Canada boosted their price objective 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. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Morgan Stanley raised their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $10.50 to $11.00 in a report on Monday, November 11th. Finally, Piper Sandler raised 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.88.

Read Our Latest Report on Valley National Bancorp

Valley National Bancorp Stock Down 0.4 %

Valley National Bancorp stock opened at $10.64 on Friday. The stock has a 50 day moving average of $9.57 and a two-hundred day moving average of $8.34. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 17.16 and a beta of 1.07. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLYGet Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $921.22 million during the quarter, compared to the consensus estimate 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 earned $0.26 earnings per share. As a group, research analysts expect that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Friday, December 13th. Valley National Bancorp’s payout ratio is 70.97%.

Valley National Bancorp Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Valley National Bancorp (NASDAQ:VLY)

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