Hotchkis & Wiley Capital Management LLC Has $8.54 Million Holdings 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 reduced its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 38.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 960,382 shares of the company's stock after selling 604,598 shares during the quarter. 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.

Several other institutional investors also recently modified their holdings of the stock. 1832 Asset Management L.P. grew its position in shares of 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 buying an additional 41,112 shares during the period. CW Advisors LLC acquired a new position in shares of Valley National Bancorp during the 1st quarter worth about $592,000. Martingale Asset Management L P grew its position in shares of 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 shares of Valley National Bancorp during the 1st quarter worth about $35,000. Finally, Versor Investments LP grew its position in shares of 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. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Stock Up 0.1%

NASDAQ:VLY traded up $0.01 during trading hours on Friday, reaching $10.46. 6,584,612 shares of the stock were exchanged, compared to its average volume of 7,787,503. Valley National Bancorp has a twelve month low of $7.48 and a twelve 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 firm has a 50 day moving average of $9.56 and a 200 day moving average of $9.10. The stock has a market cap of $5.85 billion, a PE ratio of 13.41 and a beta of 1.09.

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

Valley National Bancorp Announces Dividend

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

Analyst Ratings Changes

VLY has been the subject of several research analyst reports. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research report on Friday, July 25th. Wall Street Zen upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Royal Bank Of Canada boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Valley National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $10.95.

About Valley National Bancorp

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.