Norges Bank Acquires Shares of 6,126,225 Valley National Bancorp $VLY

Key Points

• Norges Bank bought 6,126,225 shares of Valley National Bancorp in the fourth quarter, a stake valued at about $71.6 million and equal to 1.10% of the company.
• 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 estimated.
• The bank also declared a quarterly dividend of $0.11 per share, implying an annualized yield of about 3.2%; meanwhile, analysts remain generally positive with a consensus rating of Moderate Buy.

Norges Bank acquired a new stake in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,126,225 shares of the company's stock, valued at approximately $71,554,000. Norges Bank owned 1.10% of Valley National Bancorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Horizon Corp increased its position 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 worth $38,000 after acquiring 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 worth about $39,000. Smartleaf Asset Management LLC increased its position 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 worth $48,000 after acquiring an additional 1,996 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth about $60,000. Finally, Danske Bank A S purchased a new stake in shares of Valley National Bancorp during the third quarter worth about $55,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 0.1%

NASDAQ:VLY opened at $13.78 on Friday. The company has a market capitalization of $7.64 billion, a price-to-earnings ratio of 12.41 and a beta of 1.03. Valley National Bancorp has a one year low of $8.36 and a one year high of $14.12. The stock has a 50-day simple moving average of $13.20 and a 200 day simple moving average of $12.50. 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 posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same period last year, the firm earned $0.18 earnings per share. Sell-side analysts predict that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, June 15th. Valley National Bancorp's dividend payout ratio (DPR) is 39.64%.

Insider Buying and Selling

In related news, COO Russell Barrett sold 90,537 shares of Valley National Bancorp stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the transaction, the chief operating officer directly owned 64,167 shares in the company, valued at approximately $868,821.18. This trade represents a 58.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on VLY shares. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $14.50 to $15.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Cantor Fitzgerald lifted their target price on Valley National Bancorp from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 3rd. Hovde Group lifted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. TD Cowen lifted their target price on Valley National Bancorp from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods lifted their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.