Valley National Bancorp $VLY Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has cut its stake in Valley National Bancorp by 50.8%, reducing its holdings to 81,235 shares valued at $718,000 after selling 83,858 shares.
• Other institutional investors are actively changing their positions, with Farther Finance Advisors increasing its stake by 206.6%, now owning 4,298 shares valued at $38,000.
• Valley National Bancorp reported a quarterly earnings per share (EPS) of $0.23, exceeding expectations, and will be distributing a $0.11 quarterly dividend to shareholders on October 1st.

Hsbc Holdings PLC trimmed its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 50.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,235 shares of the company's stock after selling 83,858 shares during the quarter. Hsbc Holdings PLC's holdings in Valley National Bancorp were worth $718,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in VLY. Farther Finance Advisors LLC raised its holdings in shares of Valley National Bancorp by 206.6% during the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after acquiring an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Valley National Bancorp in the fourth quarter worth $39,000. Brown Lisle Cummings Inc. bought a new position in shares of Valley National Bancorp during the 1st quarter worth about $39,000. UMB Bank n.a. raised its holdings in Valley National Bancorp by 219.6% in the 1st quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock valued at $50,000 after acquiring an additional 3,828 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock worth $83,000 after purchasing an additional 1,709 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Trading Up 0.8%

Shares of NASDAQ:VLY traded up $0.09 during mid-day trading on Thursday, reaching $10.60. 3,576,840 shares of the company were exchanged, compared to its average volume of 8,974,941. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 13.58 and a beta of 1.13. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.10. The firm's 50-day simple moving average is $9.66 and its 200 day simple moving average is $9.11.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. The company had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.Valley National Bancorp's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 EPS. Equities research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio is currently 56.41%.

Analyst Ratings Changes

VLY has been the subject of a number of research analyst reports. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price for the company. Royal Bank Of Canada raised their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research note on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently 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.