Invesco Ltd. Cuts Stake in Valley National Bancorp $VLY

Key Points

• Invesco Ltd. reduced its stake in Valley National Bancorp by 2.3%, ending the quarter with 1,271,615 shares valued at approximately $11.3 million.
• Valley National Bancorp's stock recently experienced a 6.5% increase, with shares trading at $10.31 and a market capitalization of $5.77 billion.
• The company declared a quarterly dividend of $0.11 per share, providing a dividend yield of 4.3%, with a payout ratio of 56.41%.

Invesco Ltd. reduced its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,271,615 shares of the company's stock after selling 29,701 shares during the quarter. Invesco Ltd. owned 0.23% of Valley National Bancorp worth $11,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of VLY. Balyasny Asset Management L.P. bought a new position in shares of Valley National Bancorp during the fourth quarter valued at $74,558,000. Wedge Capital Management L L P NC bought a new position in Valley National Bancorp in the first quarter valued at about $32,286,000. Soros Fund Management LLC bought a new position in Valley National Bancorp in the fourth quarter valued at about $27,180,000. Ghisallo Capital Management LLC bought a new position in Valley National Bancorp in the fourth quarter valued at about $11,325,000. Finally, Northern Trust Corp lifted its holdings in Valley National Bancorp by 21.2% in the fourth quarter. Northern Trust Corp now owns 5,788,927 shares of the company's stock valued at $52,448,000 after acquiring an additional 1,011,030 shares during the period. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded up $0.08 during trading on Wednesday, hitting $10.49. The company had a trading volume of 7,808,523 shares, compared to its average volume of 9,055,226. The stock has a 50 day simple moving average of $9.45 and a 200 day simple moving average of $9.09. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.10. The firm has a market capitalization of $5.87 billion, a P/E ratio of 13.45 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter last year, the company earned $0.13 earnings per share. The business's revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.2%. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

Wall Street Analyst Weigh In

VLY has been the topic of a number of recent research reports. Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $10.00 to $11.00 in a report on Thursday, July 3rd. Royal Bank Of Canada increased their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. 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, Jefferies Financial Group initiated coverage on Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.