Hotchkis & Wiley Capital Management LLC Has $8.54 Million Stock Position in Valley National Bancorp $VLY

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in Valley National Bancorp by 38.6%, owning 960,382 shares valued at approximately $8.5 million after selling 604,598 shares in the first quarter.
• A recent earnings report revealed that Valley National Bancorp achieved $0.23 EPS for the quarter, beating estimates of $0.22, with a net margin of 12.87% and revenue growth of 9.3% year-over-year.
• Valley National Bancorp announced a quarterly dividend of $0.11, scheduled to be paid on October 1st, indicating an annualized yield of 4.3%.

Hotchkis & Wiley Capital Management LLC lowered its position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 38.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 960,382 shares of the company's stock after selling 604,598 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.17% of Valley National Bancorp worth $8,538,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. 1832 Asset Management L.P. grew its position in Valley National Bancorp by 191.3% during the 1st quarter. 1832 Asset Management L.P. now owns 62,600 shares of the company's stock worth $557,000 after acquiring an additional 41,112 shares during the last quarter. CW Advisors LLC acquired a new position in Valley National Bancorp during the 1st quarter worth about $592,000. Martingale Asset Management L P lifted its holdings in Valley National Bancorp by 211.5% during the 1st quarter. Martingale Asset Management L P now owns 93,504 shares of the company's stock worth $831,000 after buying an additional 63,483 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Valley National Bancorp during the 1st quarter worth about $35,000. Finally, Versor Investments LP lifted its holdings in Valley National Bancorp by 95.0% during the 1st quarter. Versor Investments LP now owns 192,700 shares of the company's stock worth $1,713,000 after buying an additional 93,900 shares during the period. Institutional investors own 61.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Royal Bank Of Canada lifted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Jefferies Financial Group assumed coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price on the stock. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a report on Friday, July 25th. Finally, Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.95.

Valley National Bancorp Trading Up 0.8%

Shares of NASDAQ:VLY traded up $0.08 during midday trading on Wednesday, reaching $10.49. The company's stock had a trading volume of 7,808,523 shares, compared to its average volume of 7,904,914. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of 13.45 and a beta of 1.09. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50 day moving average price of $9.49 and a two-hundred day moving average price of $9.10. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.10.

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

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's payout ratio is currently 56.41%.

Valley National Bancorp Company 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.