Wellington Management Group LLP Cuts Stock Holdings in Valley National Bancorp $VLY

Key Points

• Wellington Management Group LLP reduced its stake in Valley National Bancorp by 7.4% in Q1, now holding approximately 15.79 million shares valued at $140.37 million.
• Other investors, such as Versor Investments LP and Algert Global LLC, significantly increased their stakes, illustrating mixed sentiment among institutional investors.
• Valley National Bancorp declared a $0.11 quarterly dividend with a yield of 4.5%, scheduled for payment on October 1st.

Wellington Management Group LLP lessened its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,790,022 shares of the company's stock after selling 1,269,306 shares during the period. Wellington Management Group LLP owned approximately 2.82% of Valley National Bancorp worth $140,373,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of VLY. Versor Investments LP boosted its stake in shares of Valley National Bancorp by 95.0% in 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 last quarter. Algert Global LLC increased its position in Valley National Bancorp by 1,593.5% during the first quarter. Algert Global LLC now owns 1,380,089 shares of the company's stock valued at $12,269,000 after acquiring an additional 1,298,597 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Valley National Bancorp by 4.8% in the first quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after acquiring an additional 1,377,676 shares during the period. Persistent Asset Partners Ltd boosted its position in Valley National Bancorp by 43,659.7% in the first quarter. Persistent Asset Partners Ltd now owns 155,508 shares of the company's stock worth $1,382,000 after purchasing an additional 155,865 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Valley National Bancorp by 35.2% in the first quarter. Russell Investments Group Ltd. now owns 361,845 shares of the company's stock worth $3,216,000 after purchasing an additional 94,289 shares during the last quarter. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY traded up $0.15 during midday trading on Tuesday, reaching $10.41. The stock had a trading volume of 6,725,598 shares, compared to its average volume of 7,861,208. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of 13.35 and a beta of 1.09. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $11.10. The stock has a 50-day moving average of $9.45 and a 200-day 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 (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company had revenue of $495.01 million for the quarter, compared to analysts' expectations of $495.79 million. During the same quarter in the previous year, the company earned $0.13 EPS. Valley National Bancorp's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently commented on VLY. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research report on Friday, July 25th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Finally, Royal Bank Of Canada upped their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.95.

Valley National Bancorp Company Profile

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.