Sandia Investment Management LP Invests $226,000 in Valley National Bancorp (NASDAQ:VLY)

Sandia Investment Management LP acquired a new position in Valley National Bancorp (NASDAQ:VLY) in the fourth quarter, HoldingsChannel reports. The firm acquired 25,000 shares of the company’s stock, valued at approximately $226,000.

Other hedge funds have also recently made changes to their positions in the company. R Squared Ltd bought a new stake in shares of Valley National Bancorp in the 4th quarter worth approximately $25,000. Point72 Hong Kong Ltd bought a new stake in Valley National Bancorp during the 4th quarter valued at $39,000. Optiver Holding B.V. raised its holdings in Valley National Bancorp by 80.9% during the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company’s stock valued at $46,000 after buying an additional 2,271 shares during the last quarter. Sapient Capital LLC bought a new stake in Valley National Bancorp during the 4th quarter valued at $103,000. Finally, CreativeOne Wealth LLC bought a new stake in Valley National Bancorp during the 4th quarter valued at $102,000. 61.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on VLY shares. Citigroup upped their price target 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. Truist Financial began coverage on shares of Valley National Bancorp in a report on Tuesday. They set a “hold” rating and a $10.00 price target for the company. Royal Bank of Canada upped their price objective on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Barclays decreased their price objective on shares of Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.60.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $9.16 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50-day moving average of $8.65 and a 200 day moving average of $9.39. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of 13.28 and a beta of 1.05. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the previous year, the business earned $0.19 earnings per share. As a group, sell-side analysts anticipate 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 declared 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 annualized dividend and a dividend yield of 4.80%. Valley National Bancorp’s payout ratio is 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.