Valley National Bancorp $VLY Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard trimmed its stake in Valley National Bancorp by 0.8%, selling 380,383 shares and leaving it with 49,436,426 shares (about 8.87% of the company) valued at roughly $577.4 million.
• Mixed insider activity: COO Russell Barrett sold 90,537 shares at an average $13.54 (reducing his stake by 58.5% to 64,167 shares), while Director Carlos J. Vazquez purchased 2,500 shares, boosting his holding by 142.7%.
• Analyst sentiment and fundamentals: Several firms have raised price targets and ratings (MarketBeat average = "Moderate Buy" with a $15.17 target), the company beat Q1 EPS estimates ($0.29 vs. $0.27), and it pays a $0.11 quarterly dividend (annualized yield ~3.3%).

Vanguard Group Inc. decreased its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 0.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 49,436,426 shares of the company's stock after selling 380,383 shares during the period. Vanguard Group Inc. owned about 8.87% of Valley National Bancorp worth $577,417,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. First Horizon Corp lifted its stake in Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after buying an additional 1,108 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in Valley National Bancorp in the 4th quarter valued at approximately $39,000. Smartleaf Asset Management LLC lifted its stake in Valley National Bancorp by 77.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company's stock valued at $48,000 after buying an additional 1,996 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Valley National Bancorp by 244.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock valued at $53,000 after buying an additional 4,177 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $55,000. Institutional investors and hedge funds own 61.00% of the company's stock.

Insiders Place Their Bets

In related news, COO Russell Barrett sold 90,537 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the sale, the chief operating officer directly owned 64,167 shares in the company, valued at approximately $868,821.18. This represents a 58.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carlos J. Vazquez purchased 2,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average price of $13.45 per share, with a total value of $33,625.00. Following the completion of the acquisition, the director owned 4,252 shares in the company, valued at $57,189.40. This represents a 142.69% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 1.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on VLY shares. Morgan Stanley upped their target price on Valley National Bancorp from $14.00 to $16.00 and gave the company an "overweight" rating in a research note on Monday, March 2nd. Keefe, Bruyette & Woods increased their price target on Valley National Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Thursday, April 9th. Barclays increased their price target on Valley National Bancorp from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, January 30th. Hovde Group increased their price target on Valley National Bancorp from $15.00 to $16.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Finally, Weiss Ratings raised Valley National Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $15.17.

Valley National Bancorp Trading Down 0.4%

Shares of Valley National Bancorp stock opened at $13.46 on Tuesday. Valley National Bancorp has a fifty-two week low of $8.36 and a fifty-two week high of $14.12. The firm has a market cap of $7.48 billion, a PE ratio of 12.13 and a beta of 1.04. The business's fifty day moving average is $12.67 and its two-hundred day moving average is $12.06. 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 (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.02. The business had revenue of $540.36 million during the quarter, compared to the consensus estimate of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same period in the prior year, the firm posted $0.18 EPS. Analysts anticipate that Valley National Bancorp will post 1.27 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, March 13th. Valley National Bancorp's dividend payout ratio is presently 39.64%.

About Valley National Bancorp

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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