Man Group plc Sells 3,068 Shares of Valley National Bancorp (NASDAQ:VLY)

Man Group plc decreased its position in shares of Valley National Bancorp (NASDAQ:VLY) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,687 shares of the company’s stock after selling 3,068 shares during the quarter. Man Group plc’s holdings in Valley National Bancorp were worth $468,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Valley National Bancorp during the 4th quarter worth approximately $31,490,000. Xponance Inc. lifted its stake in Valley National Bancorp by 13.7% in the fourth quarter. Xponance Inc. now owns 66,588 shares of the company’s stock valued at $603,000 after buying an additional 8,032 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Valley National Bancorp by 27.8% in the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company’s stock valued at $55,278,000 after buying an additional 1,327,829 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Valley National Bancorp by 9.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company’s stock valued at $68,966,000 after buying an additional 640,933 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Valley National Bancorp by 9.8% in the fourth quarter. Principal Financial Group Inc. now owns 1,089,896 shares of the company’s stock valued at $9,874,000 after buying an additional 96,866 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Analyst Upgrades and Downgrades

VLY has been the topic of a number of research reports. Barclays cut their price target on shares of Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Truist Financial initiated coverage on shares of Valley National Bancorp in a research note on Tuesday, May 13th. They issued a “hold” rating and a $10.00 price target on the stock. Citigroup lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Piper Sandler upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price objective on the stock in a report on Monday, March 24th. Finally, Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They issued a “hold” rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.55.

Valley National Bancorp Price Performance

NASDAQ:VLY opened at $8.70 on Tuesday. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a market cap of $4.87 billion, a P/E ratio of 12.61 and a beta of 1.05. The firm’s fifty day moving average price is $8.65 and its two-hundred day moving average price is $9.35. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. The company had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Equities analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.44 annualized dividend and a dividend yield of 5.06%. Valley National Bancorp’s dividend payout ratio is currently 63.77%.

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.