Valley National Bancorp $VLY Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC trimmed its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 32.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 164,094 shares of the company’s stock after selling 78,122 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Valley National Bancorp were worth $2,404,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. World Investment Advisors lifted its position in shares of Valley National Bancorp by 141.7% during the first quarter. World Investment Advisors now owns 199,243 shares of the company’s stock worth $2,447,000 after purchasing an additional 116,826 shares during the last quarter. First Trust Advisors LP increased its holdings in Valley National Bancorp by 6.0% in the first quarter. First Trust Advisors LP now owns 1,411,434 shares of the company’s stock valued at $17,332,000 after buying an additional 80,308 shares during the last quarter. Fifth Third Bancorp increased its holdings in Valley National Bancorp by 10,678.5% in the first quarter. Fifth Third Bancorp now owns 371,427 shares of the company’s stock valued at $4,561,000 after buying an additional 367,981 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in Valley National Bancorp during the first quarter valued at approximately $1,704,000. Finally, Geode Capital Management LLC raised its stake in Valley National Bancorp by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company’s stock valued at $152,200,000 after buying an additional 247,651 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.06% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY opened at $14.55 on Friday. The firm has a fifty day moving average of $14.42 and a 200-day moving average of $13.41. The company has a market cap of $8.06 billion, a price-to-earnings ratio of 12.33 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. Valley National Bancorp has a 1 year low of $9.16 and a 1 year high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The firm’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the business earned $0.23 EPS. As a group, equities analysts anticipate that Valley National Bancorp will post 1.28 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.11 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a yield of 3.0%. Valley National Bancorp’s dividend payout ratio is 37.29%.

Analyst Ratings Changes

Several brokerages have recently commented on VLY. Hovde Group lifted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods upped their price target on Valley National Bancorp from $15.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Cantor Fitzgerald raised their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Piper Sandler lifted their price objective on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Morgan Stanley reiterated a “positive” rating on shares of Valley National Bancorp in a research note on Monday, June 29th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.03.

Valley National Bancorp Company Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.