LSV Asset Management Sells 71,400 Shares of Valley National Bancorp (NASDAQ:VLY)

Key Points

• LSV Asset Management has reduced its holdings in Valley National Bancorp by 4.5%, now owning approximately 1.5 million shares valued at $13.6 million.
• Valley National Bancorp announced a quarterly dividend of $0.11, with a yield of 4.7% and a payout ratio of 56.41%.
• Analyst ratings for Valley National Bancorp have recently varied, with upgrades from several firms leading to a consensus target price of $10.95.

LSV Asset Management lessened its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 4.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,524,890 shares of the company's stock after selling 71,400 shares during the quarter. LSV Asset Management owned about 0.27% of Valley National Bancorp worth $13,556,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC raised its position 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 purchasing an additional 2,896 shares during the period. Point72 Hong Kong Ltd bought a new stake in Valley National Bancorp during the 4th quarter worth approximately $39,000. Brown Lisle Cummings Inc. acquired a new stake in Valley National Bancorp during the 1st quarter worth approximately $39,000. Optiver Holding B.V. raised its holdings in Valley National Bancorp by 80.9% during the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after buying an additional 2,271 shares during the period. Finally, UMB Bank n.a. lifted its stake in Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock valued at $50,000 after buying an additional 3,828 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Stock Up 1.8%

NASDAQ:VLY traded up $0.17 on Friday, hitting $9.36. 4,184,478 shares of the company's stock were exchanged, compared to its average volume of 9,113,515. The firm has a 50-day moving average price of $9.16 and a 200-day moving average price of $9.12. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.10. 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 company has a market cap of $5.24 billion, a P/E ratio of 11.99 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its 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. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. The business had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. Valley National Bancorp's quarterly revenue was up 9.3% on a year-over-year basis. As a group, analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.7%. Valley National Bancorp's payout ratio is 56.41%.

Analyst Ratings Changes

Several brokerages have recently issued reports on VLY. Royal Bank Of Canada increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research note on Friday, July 25th. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Jefferies Financial Group assumed coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target on the stock. Finally, Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Valley National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price 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.