Basswood Capital Management L.L.C. Sells 65,462 Shares of Valley National Bancorp (NASDAQ:VLY)

Basswood Capital Management L.L.C. cut its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 3.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,075,755 shares of the company's stock after selling 65,462 shares during the quarter. Basswood Capital Management L.L.C. owned approximately 0.41% of Valley National Bancorp worth $18,806,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Valley National Bancorp by 9.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company's stock worth $104,000 after acquiring an additional 1,002 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in Valley National Bancorp by 2.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company's stock valued at $406,000 after purchasing an additional 1,024 shares during the last quarter. United Services Automobile Association increased its stake in Valley National Bancorp by 3.7% during the 4th quarter. United Services Automobile Association now owns 28,702 shares of the company's stock valued at $260,000 after purchasing an additional 1,029 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Valley National Bancorp by 2.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company's stock worth $436,000 after buying an additional 1,046 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Valley National Bancorp by 12.0% in the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company's stock worth $116,000 after buying an additional 1,371 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, April 26th. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. increased their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada boosted their target price on Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Finally, Citigroup raised 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. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $10.67.

Valley National Bancorp Stock Performance

Shares of VLY traded down $0.10 on Wednesday, reaching $8.68. The company's stock had a trading volume of 6,479,805 shares, compared to its average volume of 7,165,108. The stock's 50 day simple moving average is $8.66 and its two-hundred day simple moving average is $9.41. 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 stock has a market capitalization of $4.86 billion, a P/E ratio of 12.58 and a beta of 1.05. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $479.67 million for the quarter, compared to analysts' expectations 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 prior year, the business earned $0.19 EPS. Research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date was Friday, March 14th. Valley National Bancorp's payout ratio is 63.77%.

Valley National Bancorp Company 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.