Valley National Bancorp $VLY Stock Position Trimmed by Endeavour Capital Advisors Inc.

Key Points

• Endeavour Capital Advisors trimmed its stake in Valley National Bancorp by 12% in the fourth quarter, though VLY remains its 8th-largest holding at 1.3 million shares worth about $15.1 million.
• Valley National Bancorp reported stronger-than-expected quarterly results, with EPS of $0.29 topping estimates and revenue of $1.01 billion, while analysts now expect full-year EPS of 1.29.
• The bank announced a quarterly dividend of $0.11 per share payable July 1, and analysts currently rate the stock a consensus Moderate Buy with a $15.10 price target.

Endeavour Capital Advisors Inc. cut its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 12.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,296,618 shares of the company's stock after selling 177,623 shares during the quarter. Valley National Bancorp accounts for about 4.2% of Endeavour Capital Advisors Inc.'s holdings, making the stock its 8th biggest holding. Endeavour Capital Advisors Inc. owned approximately 0.23% of Valley National Bancorp worth $15,144,000 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 bought and sold shares of the stock. Hantz Financial Services Inc. lifted its holdings in shares of Valley National Bancorp by 129.6% during the 4th quarter. Hantz Financial Services Inc. now owns 23,671 shares of the company's stock worth $276,000 after acquiring an additional 13,361 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in Valley National Bancorp in the fourth quarter valued at $328,000. Evoke Wealth LLC purchased a new stake in Valley National Bancorp during the fourth quarter valued at about $118,000. Van Hulzen Asset Management LLC bought a new stake in Valley National Bancorp during the fourth quarter worth about $144,000. Finally, Global Retirement Partners LLC lifted its stake in Valley National Bancorp by 514.9% during the fourth quarter. Global Retirement Partners LLC now owns 37,184 shares of the company's stock worth $434,000 after purchasing an additional 31,137 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY opened at $13.55 on Tuesday. The firm has a fifty day simple moving average of $12.89 and a two-hundred day simple moving average of $12.34. Valley National Bancorp has a 12 month low of $8.36 and a 12 month high of $14.12. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $7.51 billion, a PE ratio of 12.21 and a beta of 1.04.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. During the same quarter in the previous year, the firm posted $0.18 EPS. Equities analysts expect that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Monday, June 15th. Valley National Bancorp's payout ratio is presently 39.64%.

Analyst Upgrades and Downgrades

VLY has been the topic of several recent research reports. Cantor Fitzgerald increased their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Tuesday, March 3rd. TD Cowen boosted their target price on Valley National Bancorp from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods upped their target price 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. Hovde Group increased their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Finally, Weiss Ratings raised shares of 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, eleven have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $15.10.

Insiders Place Their Bets

In other news, COO Russell Barrett sold 90,537 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer owned 64,167 shares of the company's stock, valued at approximately $868,821.18. This represents a 58.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.06% of the company's stock.

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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