Valley National Bancorp $VLY Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC reduced its Valley National Bancorp stake by 46.5% in the second quarter, selling 1.84 million shares and retaining 2.12 million shares worth approximately $31.0 million. Institutional investors collectively own 61% of the company.
• Valley National reported quarterly revenue of $560.7 million, up 13.3% year over year, but EPS of $0.30 slightly missed analysts’ $0.31 estimate. The bank declared a quarterly dividend of $0.11 per share, representing a 3.2% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $16.17 versus the shares’ reported $13.92 opening price.

Squarepoint Ops LLC cut its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 46.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,116,750 shares of the company's stock after selling 1,838,349 shares during the period. Squarepoint Ops LLC owned approximately 0.38% of Valley National Bancorp worth $31,010,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cedar Mountain Advisors LLC purchased a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $26,000. Assetmark Inc. lifted its stake in Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock worth $26,000 after purchasing an additional 1,189 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Valley National Bancorp during the fourth quarter worth $26,000. Compass Financial Management LLC purchased a new position in shares of Valley National Bancorp during the second quarter worth $28,000. Finally, Root Financial Partners LLC boosted its position in shares of Valley National Bancorp by 127.3% during the first quarter. Root Financial Partners LLC now owns 3,976 shares of the company's stock worth $49,000 after buying an additional 2,227 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 0.7%

Shares of NASDAQ VLY opened at $13.92 on Wednesday. The stock has a market cap of $7.69 billion, a P/E ratio of 11.80 and a beta of 1.03. The business's fifty day simple moving average is $14.46 and its 200-day simple moving average is $13.63. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35.

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). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same period in the previous year, the firm earned $0.23 earnings per share. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities analysts predict that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.2%. Valley National Bancorp's payout ratio is currently 37.29%.

Insider Activity at Valley National Bancorp

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 transaction of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.06% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on VLY. Truist Financial boosted their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the company a "buy" rating in a report on Friday, July 10th. National Bank Financial set a $17.50 target price on Valley National Bancorp in a report on Wednesday, July 1st. Barclays lifted their target price on Valley National Bancorp from $14.00 to $15.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Piper Sandler boosted their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Valley National Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $16.17.

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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