Man Group plc Invests $7.07 Million in Valley National Bancorp $VLY

Key Points

• Man Group plc acquired 482,756 shares of Valley National Bancorp in the second quarter, valued at approximately $7.07 million and representing 0.09% of the company.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year, though earnings per share of $0.30 narrowly missed analysts’ $0.31 estimate.
• The bank announced a quarterly dividend of $0.11 per share, equivalent to a 3.2% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $16.10.

Man Group plc acquired a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 482,756 shares of the company's stock, valued at approximately $7,072,000. Man Group plc owned 0.09% of Valley National Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Compass Financial Management LLC bought a new stake in shares of Valley National Bancorp in the 2nd quarter valued at approximately $28,000. Cedar Mountain Advisors LLC bought a new position in Valley National Bancorp during the first quarter valued at approximately $26,000. Assetmark Inc. lifted its stake in Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after acquiring an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Valley National Bancorp in the fourth quarter valued at approximately $26,000. Finally, Root Financial Partners LLC grew its position in Valley National Bancorp by 127.3% in the first quarter. Root Financial Partners LLC now owns 3,976 shares of the company's stock worth $49,000 after acquiring an additional 2,227 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $13.92 on Friday. The business has a fifty day simple moving average of $14.56 and a 200 day simple moving average of $13.61. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of 11.80 and a beta of 1.04. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The company had revenue of $560.74 million during the quarter, compared to the consensus estimate of $557.16 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company's revenue for the quarter was up 13.3% on a year-over-year basis. Sell-side analysts expect that Valley National Bancorp will post 1.27 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is 37.29%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on VLY. Morgan Stanley reaffirmed a "positive" rating on shares of Valley National Bancorp in a research report on Monday, June 29th. UBS Group set a $17.00 price objective on Valley National Bancorp in a research note on Tuesday, July 7th. Royal Bank Of Canada restated a "buy" rating on shares of Valley National Bancorp in a report on Wednesday. TD Cowen reaffirmed a "buy" rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Finally, National Bank Financial set a $17.50 price target on Valley National Bancorp in a report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Valley National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $16.10.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.06% of the company's stock.

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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