Artemis Investment Management LLP Purchases 2,802,080 Shares of Valley National Bancorp $VLY

Key Points

• Artemis Investment Management boosted its stake in Valley National Bancorp by 252.9%, buying 2,802,080 shares to hold 3,910,203 shares (about 0.70% of the company) valued at roughly $45.7 million.
• Insider activity was mixed: Director Carlos J. Vazquez bought 2,500 shares at about $13.45, while COO Russell Barrett sold 90,537 shares at roughly $13.54, and insiders now own about 1.06% of the stock.
• Valley posted a recent quarter of $0.29 EPS versus $0.27 expected and revenue of $540.4M (beating estimates), pays a $0.11 quarterly dividend (3.3% yield), and carries a consensus analyst view of a Moderate Buy with a $15.17 target price.

Artemis Investment Management LLP boosted its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 252.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,910,203 shares of the company's stock after buying an additional 2,802,080 shares during the period. Artemis Investment Management LLP owned approximately 0.70% of Valley National Bancorp worth $45,671,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VLY. Ritholtz Wealth Management raised its position in Valley National Bancorp by 5.6% during the fourth quarter. Ritholtz Wealth Management now owns 16,652 shares of the company's stock valued at $194,000 after purchasing an additional 888 shares during the period. Northwestern Mutual Investment Management Company LLC raised its position in Valley National Bancorp by 0.9% during the third quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company's stock valued at $1,137,000 after purchasing an additional 951 shares during the period. First Horizon Corp raised its position in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after purchasing an additional 1,108 shares during the period. CANADA LIFE ASSURANCE Co raised its position in Valley National Bancorp by 0.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 366,797 shares of the company's stock valued at $3,881,000 after purchasing an additional 1,192 shares during the period. Finally, Allworth Financial LP raised its position in Valley National Bancorp by 2.0% during the third quarter. Allworth Financial LP now owns 59,736 shares of the company's stock valued at $633,000 after purchasing an additional 1,198 shares during the period. 61.00% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Valley National Bancorp news, Director Carlos J. Vazquez acquired 2,500 shares of the stock in a transaction dated Tuesday, February 17th. The stock was purchased at an average price of $13.45 per share, with a total value of $33,625.00. Following the transaction, the director directly owned 4,252 shares of the company's stock, valued at $57,189.40. This trade represents a 142.69% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Russell Barrett sold 90,537 shares of the firm's stock in a transaction on Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the sale, the chief operating officer directly owned 64,167 shares of the company's stock, valued at $868,821.18. The trade was a 58.52% decrease in their position. The SEC filing for this sale provides additional information. 1.06% of the stock is owned by company insiders.

Valley National Bancorp Stock Down 0.4%

Valley National Bancorp stock opened at $13.51 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of 12.17 and a beta of 1.05. Valley National Bancorp has a 1-year low of $8.36 and a 1-year high of $14.12. The business has a fifty day moving average price of $12.67 and a 200-day moving average price of $12.04.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.02. The firm had revenue of $540.36 million during the quarter, compared to analysts' expectations of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same quarter last year, the firm earned $0.18 EPS. Equities research analysts forecast that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.3%. Valley National Bancorp's dividend payout ratio (DPR) is presently 39.64%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VLY. TD Cowen upped their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Monday. Raymond James Financial upgraded Valley National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $15.00 price objective on the stock in a research report on Friday, January 30th. Citigroup restated a "buy" rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. Cantor Fitzgerald upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Tuesday, March 3rd. Finally, Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company a "market perform" rating in a research report on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $15.17.

About Valley National Bancorp

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.

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