2,244,168 Valley National Bancorp $VLY Shares Sold by Artemis Investment Management LLP

Key Points

• Artemis Investment Management cut its Valley National Bancorp stake by 30.8%, selling 2.24 million shares and retaining 5.03 million shares valued at approximately $63.5 million.
• Valley National reported quarterly revenue of $560.7 million, up 13.3% year over year, but earnings of $0.30 per share fell short of analyst expectations by $0.01. The bank also declared a quarterly dividend of $0.11, implying a 3.5% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $16.27, compared with the stock’s reported trading price of $12.70.

Artemis Investment Management LLP trimmed its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 30.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,032,506 shares of the company's stock after selling 2,244,168 shares during the period. Artemis Investment Management LLP owned approximately 0.91% of Valley National Bancorp worth $63,510,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of VLY. Cim Investment Management Inc. raised its position in Valley National Bancorp by 17.1% in the 2nd quarter. Cim Investment Management Inc. now owns 34,523 shares of the company's stock valued at $506,000 after buying an additional 5,038 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Valley National Bancorp by 22.4% in the second quarter. Sequoia Financial Advisors LLC now owns 75,084 shares of the company's stock valued at $1,100,000 after purchasing an additional 13,729 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Valley National Bancorp by 24.3% in the second quarter. Tidal Investments LLC now owns 69,997 shares of the company's stock valued at $1,025,000 after purchasing an additional 13,687 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Valley National Bancorp by 239.5% in the second quarter. IFP Advisors Inc now owns 8,478 shares of the company's stock worth $124,000 after purchasing an additional 5,981 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Valley National Bancorp by 2.3% in the second quarter. Allworth Financial LP now owns 68,078 shares of the company's stock worth $997,000 after purchasing an additional 1,518 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Stock Performance

Shares of VLY traded up $0.22 during midday trading on Thursday, reaching $12.70. The stock had a trading volume of 2,784,103 shares, compared to its average volume of 7,139,244. The firm has a market cap of $7.02 billion, a PE ratio of 10.76 and a beta of 1.07. The firm has a 50 day simple moving average of $13.85 and a 200-day simple moving average of $13.74. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm had revenue of $560.74 million during the quarter, compared to the consensus estimate of $557.16 million. During the same period in the previous year, the company posted $0.23 earnings per share. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Valley National Bancorp will post 1.27 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is presently 37.29%.

Analysts Set New Price Targets

A number of research firms have recently commented on VLY. Royal Bank Of Canada restated an "outperform" rating and set a $17.00 price objective on shares of Valley National Bancorp in a research note on Tuesday, September 29th. TD Cowen reaffirmed a "buy" rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Weiss Ratings lowered Valley National Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 2nd. Morgan Stanley reduced their price target on Valley National Bancorp from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Monday, September 28th. Finally, UBS Group set a $17.00 price target on Valley National Bancorp in a research note on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $16.27.

Valley National Bancorp Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.

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