Valley National Bancorp $VLY Position Trimmed by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital cut its Valley National Bancorp position by 91.1% in the first quarter, selling 241,099 shares and retaining 23,498 shares worth approximately $289,000. Institutional investors collectively own 61% of VLY.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year, but earnings of $0.30 per share narrowly missed the $0.31 consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $16.03.
• The bank declared a quarterly dividend of $0.11 per share, equivalent to $0.44 annually and a 3.0% yield. Shares recently traded near $14.55, within reach of the 52-week high of $15.20.

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 91.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,498 shares of the company's stock after selling 241,099 shares during the period. Arrowstreet Capital Limited Partnership's holdings in Valley National Bancorp were worth $289,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of VLY. World Investment Advisors increased its position in Valley National Bancorp by 141.7% in the first quarter. World Investment Advisors now owns 199,243 shares of the company's stock worth $2,447,000 after buying an additional 116,826 shares during the period. First Trust Advisors LP boosted its holdings in shares of Valley National Bancorp by 6.0% during the first quarter. First Trust Advisors LP now owns 1,411,434 shares of the company's stock valued at $17,332,000 after acquiring an additional 80,308 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Valley National Bancorp by 10,678.5% during the first quarter. Fifth Third Bancorp now owns 371,427 shares of the company's stock valued at $4,561,000 after acquiring an additional 367,981 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of Valley National Bancorp during the first quarter worth about $1,704,000. Finally, Geode Capital Management LLC grew its position in shares of Valley National Bancorp by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company's stock worth $152,200,000 after acquiring an additional 247,651 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Price Performance

NASDAQ:VLY opened at $14.55 on Friday. The business's 50-day moving average price is $14.42 and its 200 day moving average price is $13.41. The firm has a market cap of $8.06 billion, a P/E ratio of 12.33 and a beta of 1.04. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 52-week low of $9.16 and a 52-week high of $15.20.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The business had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.23 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 1.28 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp's payout ratio is presently 37.29%.

Insider Activity

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were 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 owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

VLY has been the topic of several recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Valley National Bancorp from $17.50 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, July 24th. Royal Bank Of Canada raised their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Hovde Group lifted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Morgan Stanley reiterated a "positive" rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Finally, Keefe, Bruyette & Woods increased their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $16.03.

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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