Leeward Investments LLC MA Raises Position in Valley National Bancorp $VLY

Key Points

• Leeward Investments LLC MA boosted its stake in Valley National Bancorp by 20.3% in the fourth quarter, buying an additional 322,500 shares and bringing its total holding to 1.91 million shares valued at about $22.3 million.
• Several analysts remain constructive on VLY, with recent target increases from Hovde Group and Royal Bank of Canada, and the stock carrying an average rating of “Moderate Buy” with a $15.10 average price target.
• Valley National Bancorp reported better-than-expected quarterly results, posting $0.29 EPS versus $0.27 expected and revenue of $1.01 billion, while also maintaining a quarterly dividend of $0.11 per share.

Leeward Investments LLC MA increased its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 20.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,911,465 shares of the company's stock after purchasing an additional 322,500 shares during the quarter. Valley National Bancorp accounts for 1.1% of Leeward Investments LLC MA's investment portfolio, making the stock its 21st biggest position. Leeward Investments LLC MA owned 0.34% of Valley National Bancorp worth $22,326,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. First Horizon Corp raised its position in Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company's stock worth $38,000 after purchasing an additional 1,108 shares during the period. Geneos Wealth Management Inc. purchased a new position in Valley National Bancorp in the 4th quarter worth $39,000. Smartleaf Asset Management LLC raised its position in Valley National Bancorp by 77.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company's stock worth $48,000 after purchasing an additional 1,996 shares during the period. Danske Bank A S purchased a new position in Valley National Bancorp in the 3rd quarter worth $55,000. Finally, EverSource Wealth Advisors LLC raised its position in Valley National Bancorp by 244.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock worth $53,000 after purchasing an additional 4,177 shares during the period. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analyst Ratings Changes

VLY has been the topic of a number of analyst reports. Hovde Group lifted their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Barclays raised their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, January 30th. Royal Bank Of Canada raised their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Raymond James Financial raised shares of Valley National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $15.00 price target on the stock in a report on Friday, January 30th. Finally, Citigroup reissued a "buy" rating on shares of Valley National Bancorp in a report on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Valley National Bancorp has an average rating of "Moderate Buy" and an average target price of $15.10.

Insider Activity at Valley National Bancorp

In other news, Director Carlos J. Vazquez bought 2,500 shares of the company's stock in a transaction dated Tuesday, February 17th. The shares were purchased at an average price of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the purchase, the director owned 4,252 shares in the company, valued at approximately $57,189.40. This represents a 142.69% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Russell Barrett sold 90,537 shares of the company's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the transaction, the chief operating officer owned 64,167 shares in the company, valued at approximately $868,821.18. This represents a 58.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.06% of the company's stock.

Valley National Bancorp Trading Up 0.4%

Shares of NASDAQ VLY opened at $13.05 on Friday. The firm's 50 day moving average price is $12.73 and its 200-day moving average price is $12.23. The company has a market cap of $7.23 billion, a PE ratio of 11.76 and a beta of 1.04. Valley National Bancorp has a 52-week low of $8.36 and a 52-week high of $14.12. 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 issued 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. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same quarter in the prior year, the firm posted $0.18 earnings per share. On average, equities research analysts expect 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 was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Friday, March 13th. Valley National Bancorp's dividend payout ratio is currently 39.64%.

Valley National Bancorp 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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