Geode Capital Management LLC Buys 300,385 Shares of Valley National Bancorp (NASDAQ:VLY)

Geode Capital Management LLC increased its position in Valley National Bancorp (NASDAQ:VLY) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,164,934 shares of the company’s stock after acquiring an additional 300,385 shares during the period. Geode Capital Management LLC’s holdings in Valley National Bancorp were worth $101,170,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position 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 worth $179,537,000 after purchasing an additional 337,416 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Valley National Bancorp by 193.2% in 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 last quarter. Wellington Management Group LLP boosted its holdings in shares of Valley National Bancorp by 384.2% in the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock worth $81,276,000 after buying an additional 7,118,044 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Valley National Bancorp by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock valued at $63,159,000 after buying an additional 98,574 shares during the period. Finally, Victory Capital Management Inc. increased its holdings 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 valued at $51,431,000 after buying an additional 5,322,278 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Down 6.9 %

Shares of VLY opened at $9.24 on Thursday. The business’s 50 day moving average is $9.94 and its 200 day moving average is $8.59. 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 has a 12-month low of $6.47 and a 12-month high of $11.21. The company has a market capitalization of $4.71 billion, a PE ratio of 14.90 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the previous year, the firm earned $0.26 earnings per share. Research analysts expect that Valley National Bancorp will post 0.65 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.76%. Valley National Bancorp’s payout ratio is 70.97%.

Wall Street Analysts Forecast Growth

VLY has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Piper Sandler lifted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Wedbush reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $10.50 to $11.00 in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp has an average rating of “Hold” and a consensus price target of $10.00.

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.