Intech Investment Management LLC Cuts Position in Valley National Bancorp $VLY

Key Points

• Intech Investment Management cut its stake in Valley National Bancorp by 64% in the fourth quarter, selling 626,036 shares and leaving it with 352,677 shares valued at about $4.1 million.
• Valley National Bancorp reported better-than-expected quarterly results, with EPS of $0.29 versus $0.27 expected and revenue of $1.01 billion versus $531.89 million expected.
• The bank declared a quarterly dividend of $0.11 per share, implying a 3.3% annualized yield, while analysts currently rate the stock a consensus Moderate Buy with a $15.13 target price.

Intech Investment Management LLC lessened its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 64.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 352,677 shares of the company's stock after selling 626,036 shares during the period. Intech Investment Management LLC owned about 0.06% of Valley National Bancorp worth $4,119,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Corp grew its holdings in shares of 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 buying an additional 1,108 shares during the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at approximately $39,000. Smartleaf Asset Management LLC grew its holdings in shares of Valley National Bancorp by 77.4% during the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company's stock valued at $48,000 after buying an additional 1,996 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Valley National Bancorp by 244.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock valued at $53,000 after buying an additional 4,177 shares during the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Valley National Bancorp during the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Down 1.8%

VLY opened at $13.52 on Tuesday. 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 has a 1-year low of $8.36 and a 1-year high of $14.12. The company has a market capitalization of $7.49 billion, a PE ratio of 12.18 and a beta of 1.04. The firm's 50 day simple moving average is $13.07 and its two-hundred day simple moving average is $12.44.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $531.89 million. During the same period last year, the firm earned $0.18 earnings per share. As a group, equities analysts forecast that Valley National Bancorp will post 1.29 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.11 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.44 annualized dividend and a yield of 3.3%. Valley National Bancorp's dividend payout ratio (DPR) is presently 39.64%.

Analysts Set New Price Targets

A number of research firms have recently commented on VLY. Citigroup reiterated a "buy" rating on shares of Valley National Bancorp in a report on Monday, February 2nd. Morgan Stanley reiterated an "equal weight" rating and set a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of Valley National Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 6th. National Bank Financial set a $17.00 price target on shares of Valley National Bancorp in a report on Monday, April 27th. Finally, Royal Bank Of Canada increased their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Valley National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $15.13.

Insider Activity

In other news, COO Russell Barrett sold 90,537 shares of the stock in a transaction on Monday, April 27th. The shares were 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. This represents a 58.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.06% of the stock is currently owned by company insiders.

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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