LSV Asset Management Reduces Holdings in 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 cut its holdings in Valley National Bancorp (NASDAQ:VLY - Free Report) by 4.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,524,890 shares of the company's stock after selling 71,400 shares during the quarter. LSV Asset Management owned 0.27% of Valley National Bancorp worth $13,556,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in shares of Valley National Bancorp by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock worth $9,787,000 after purchasing an additional 10,996 shares during the period. GAMMA Investing LLC raised its stake in shares of Valley National Bancorp by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after buying an additional 1,709 shares during the last quarter. Hourglass Capital LLC lifted its stake in shares of Valley National Bancorp by 6.3% in the 1st quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after purchasing an additional 26,280 shares during the period. OneDigital Investment Advisors LLC raised its holdings in Valley National Bancorp by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock worth $152,000 after purchasing an additional 4,261 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Valley National Bancorp by 230.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company's stock worth $1,314,000 after purchasing an additional 103,159 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Analyst Upgrades and Downgrades

VLY has been the topic of several recent research reports. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Jefferies Financial Group started coverage on Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target for the company. Royal Bank Of Canada boosted 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. Truist Financial raised 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. Finally, Morgan Stanley raised shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.95.

Valley National Bancorp Stock Down 1.0%

Shares of Valley National Bancorp stock traded down $0.09 during trading on Wednesday, hitting $9.21. 4,564,332 shares of the stock were exchanged, compared to its average volume of 7,736,088. Valley National Bancorp has a 12-month low of $7.48 and a 12-month 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 stock has a market cap of $5.16 billion, a price-to-earnings ratio of 12.92 and a beta of 1.09. The firm's 50-day moving average price is $9.14 and its 200 day moving average price is $9.12.

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

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 4.8%. Valley National Bancorp's dividend payout ratio is currently 56.41%.

Valley National Bancorp Profile

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.