Sprucegrove Investment Management Ltd. Has $12.72 Million Holdings in Valley National Bancorp (VLY)

Sprucegrove Investment Management Ltd. lowered its position in Valley National Bancorp (NYSE:VLY) by 20.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,077,400 shares of the financial services provider’s stock after selling 269,700 shares during the period. Sprucegrove Investment Management Ltd. owned about 0.41% of Valley National Bancorp worth $12,724,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the business. Private Advisor Group LLC raised its position in shares of Valley National Bancorp by 0.6% in the second quarter. Private Advisor Group LLC now owns 15,921 shares of the financial services provider’s stock worth $188,000 after acquiring an additional 90 shares during the period. Amalgamated Bank raised its position in shares of Valley National Bancorp by 0.3% in the first quarter. Amalgamated Bank now owns 34,972 shares of the financial services provider’s stock worth $413,000 after acquiring an additional 103 shares during the period. Pinnacle Associates Ltd. raised its position in shares of Valley National Bancorp by 0.3% in the second quarter. Pinnacle Associates Ltd. now owns 64,914 shares of the financial services provider’s stock worth $767,000 after acquiring an additional 225 shares during the period. World Asset Management Inc raised its position in shares of Valley National Bancorp by 2.3% in the second quarter. World Asset Management Inc now owns 16,510 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 377 shares during the period. Finally, Citigroup Inc. raised its position in shares of Valley National Bancorp by 0.5% in the second quarter. Citigroup Inc. now owns 111,892 shares of the financial services provider’s stock worth $1,321,000 after acquiring an additional 512 shares during the period. Institutional investors and hedge funds own 61.88% of the company’s stock.

In related news, Director Mary Guilfoile sold 5,140 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $11.92, for a total value of $61,268.80. Following the completion of the sale, the director now owns 258,719 shares in the company, valued at $3,083,930.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.07% of the stock is owned by company insiders.

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Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. The firm had revenue of $195.79 million during the quarter, compared to analysts’ expectations of $190.83 million. During the same quarter last year, the business earned $0.15 earnings per share.

The business also recently disclosed a dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.11 dividend. The ex-dividend date is Thursday, September 14th. Valley National Bancorp’s dividend payout ratio (DPR) is 62.86%.

A number of brokerages have weighed in on VLY. Wedbush reiterated a “neutral” rating and issued a $12.00 price objective on shares of Valley National Bancorp in a research report on Tuesday, June 27th. BidaskClub upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Hovde Group upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price target for the company in a research report on Monday, July 31st. Finally, Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price target for the company in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $12.67.

Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.

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

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