Valley National Bancorp (VLY) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its stake in Valley National Bancorp (NYSE:VLY) by 80.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 500,918 shares of the financial services provider’s stock after selling 2,002,462 shares during the period. Millennium Management LLC owned 0.19% of Valley National Bancorp worth $5,620,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of VLY. BlackRock Inc. lifted its holdings in shares of Valley National Bancorp by 3.9% during the fourth quarter. BlackRock Inc. now owns 32,104,862 shares of the financial services provider’s stock valued at $360,216,000 after purchasing an additional 1,193,479 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Valley National Bancorp by 4.8% during the fourth quarter. Bank of New York Mellon Corp now owns 3,627,495 shares of the financial services provider’s stock valued at $40,698,000 after purchasing an additional 164,874 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Valley National Bancorp by 12.9% during the fourth quarter. Geode Capital Management LLC now owns 2,671,471 shares of the financial services provider’s stock valued at $29,972,000 after purchasing an additional 306,082 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Valley National Bancorp by 9.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,237,268 shares of the financial services provider’s stock valued at $25,102,000 after purchasing an additional 185,590 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of Valley National Bancorp by 131.6% during the fourth quarter. Deutsche Bank AG now owns 1,750,887 shares of the financial services provider’s stock valued at $19,642,000 after purchasing an additional 994,938 shares during the last quarter. Institutional investors and hedge funds own 51.42% of the company’s stock.

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Several equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a report on Saturday, April 7th. ValuEngine upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Piper Jaffray upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 target price for the company in a report on Friday, January 5th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $15.00 target price on shares of Valley National Bancorp in a report on Friday, December 22nd. Finally, Hovde Group reiterated a “buy” rating and set a $14.00 target price on shares of Valley National Bancorp in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Valley National Bancorp currently has a consensus rating of “Buy” and a consensus target price of $13.79.

Shares of VLY opened at $12.19 on Tuesday. The company has a market cap of $3,999.58, a P/E ratio of 17.67 and a beta of 0.89. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.01. Valley National Bancorp has a twelve month low of $10.61 and a twelve month high of $13.38.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The company had revenue of $199.57 million during the quarter, compared to the consensus estimate of $194.26 million. Valley National Bancorp had a net margin of 17.08% and a return on equity of 8.20%. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 earnings per share. sell-side analysts anticipate that Valley National Bancorp will post 0.89 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend was Wednesday, March 14th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 63.77%.

In other news, Director Peter J. Baum purchased 3,433 shares of Valley National Bancorp stock in a transaction that occurred on Monday, January 29th. The stock was bought at an average price of $12.70 per share, with a total value of $43,599.10. Following the completion of the transaction, the director now directly owns 41,086 shares of the company’s stock, valued at $521,792.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.45% of the stock is owned by company insiders.

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About Valley National Bancorp

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.

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

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