Geode Capital Management LLC Buys 247,651 Shares of Valley National Bancorp $VLY

Key Points

• Geode Capital Management boosted its stake in Valley National Bancorp by 1.9% in Q4, adding 247,651 shares and bringing its holdings to 13.0 million shares worth about $152.2 million.
• Valley National reported stronger-than-expected quarterly results, with EPS of $0.29 versus the $0.27 estimate and revenue of $1.01 billion, while analysts remain generally upbeat with a Moderate Buy rating and $15.13 average price target.
• The bank also declared a quarterly dividend of $0.11 per share, payable July 1, which annualizes to $0.44 per share and implies a 3.2% yield.

Geode Capital Management LLC increased its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,029,085 shares of the company's stock after acquiring an additional 247,651 shares during the period. Geode Capital Management LLC owned about 2.34% of Valley National Bancorp worth $152,200,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of VLY. First Horizon Corp raised its position in Valley National Bancorp by 52.5% during the 4th 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 last quarter. Geneos Wealth Management Inc. bought a new position in Valley National Bancorp during the 4th quarter valued at approximately $39,000. Smartleaf Asset Management LLC raised its position in Valley National Bancorp by 77.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company's stock valued at $48,000 after purchasing an additional 1,996 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Valley National Bancorp by 244.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock valued at $53,000 after purchasing an additional 4,177 shares during the last quarter. Finally, Danske Bank A S bought a new position in Valley National Bancorp during the 3rd quarter valued at approximately $55,000. Institutional investors own 61.00% of the company's stock.

Insider Activity

In other news, COO Russell Barrett sold 90,537 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer owned 64,167 shares of the company's stock, valued at approximately $868,821.18. This represents a 58.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on VLY shares. Royal Bank Of Canada upped their price target on Valley National Bancorp from $14.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Hovde Group upped their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a research report on Tuesday, May 26th. Piper Sandler reaffirmed an "overweight" rating and set a $16.00 price target (up from $15.50) on shares of Valley National Bancorp in a research report on Monday, April 27th. JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $14.50 to $15.00 and gave the company an "overweight" rating in a research report on Friday, April 24th. Finally, Keefe, Bruyette & Woods upped their price target 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 equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Valley National Bancorp presently has an average rating of "Moderate Buy" and an average target price of $15.13.

Valley National Bancorp Stock Up 2.8%

Shares of NASDAQ:VLY opened at $13.79 on Friday. Valley National Bancorp has a 52-week low of $8.36 and a 52-week high of $14.12. The firm has a market capitalization of $7.64 billion, a P/E ratio of 12.42 and a beta of 1.03. The stock has a 50 day moving average price of $13.17 and a 200-day moving average price of $12.50. 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 (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $531.89 million. During the same quarter in the prior year, the company earned $0.18 EPS. As a group, equities research analysts anticipate that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.2%. Valley National Bancorp's dividend payout ratio is currently 39.64%.

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.

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