Fuller & Thaler Asset Management Inc. Reduces Stock Holdings in Valley National Bancorp $VLY

Key Points

• Fuller & Thaler Asset Management Inc. reduced its stake in Valley National Bancorp by 0.7%, owning approximately 1.53% of the company after selling over 56,000 shares.
• Several institutional investors, including Principal Financial Group Inc. and GAMMA Investing LLC, increased their positions in Valley National Bancorp, highlighting a mixed sentiment among hedge funds.
• Valley National Bancorp reported a quarterly earnings per share of $0.23, exceeding expectations, along with a dividend announcement reflecting a yield of 4.5%.

Fuller & Thaler Asset Management Inc. decreased its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 0.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,582,393 shares of the company's stock after selling 56,321 shares during the period. Fuller & Thaler Asset Management Inc. owned approximately 1.53% of Valley National Bancorp worth $76,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Valley National Bancorp by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock worth $9,787,000 after acquiring an additional 10,996 shares during the last quarter. GAMMA Investing LLC raised its stake in Valley National Bancorp by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock worth $83,000 after acquiring an additional 1,709 shares during the last quarter. Hourglass Capital LLC raised its stake in shares of Valley National Bancorp by 6.3% during the 1st quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after buying an additional 26,280 shares during the last quarter. OneDigital Investment Advisors LLC raised its stake in shares of Valley National Bancorp by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock valued at $152,000 after buying an additional 4,261 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Valley National Bancorp by 230.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company's stock valued at $1,314,000 after buying an additional 103,159 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $9.81 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.10. The business has a 50-day moving average price of $9.29 and a 200 day moving average price of $9.09. The firm has a market cap of $5.49 billion, a PE ratio of 12.58 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. The company had revenue of $495.01 million during the quarter, compared to analyst estimates of $495.79 million. During the same period in the previous year, the business earned $0.13 EPS. Valley National Bancorp's quarterly revenue was up 9.3% on a year-over-year basis. Sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's payout ratio is 56.41%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Friday, July 25th. Wall Street Zen upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Jefferies Financial Group assumed coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $10.95.

About Valley National Bancorp

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.

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