Invesco Ltd. Trims Stock Position in Valley National Bancorp (NASDAQ:VLY)

Invesco Ltd. cut its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 29.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,301,316 shares of the company's stock after selling 530,979 shares during the period. Invesco Ltd. owned 0.26% of Valley National Bancorp worth $11,790,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLY. Bank of Montreal Can raised its stake in Valley National Bancorp by 24.0% in the fourth quarter. Bank of Montreal Can now owns 50,784 shares of the company's stock worth $460,000 after buying an additional 9,835 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. raised its holdings in Valley National Bancorp by 10.8% in the fourth quarter. Elizabeth Park Capital Advisors Ltd. now owns 373,935 shares of the company's stock worth $3,388,000 after purchasing an additional 36,500 shares in the last quarter. Federated Hermes Inc. lifted its position in Valley National Bancorp by 70.2% during the fourth quarter. Federated Hermes Inc. now owns 379,919 shares of the company's stock valued at $3,442,000 after buying an additional 156,734 shares during the period. Ovata Capital Management Ltd bought a new stake in shares of Valley National Bancorp during the 4th quarter valued at $5,436,000. Finally, Wells Fargo & Company MN grew its position in shares of Valley National Bancorp by 28.4% in the 4th quarter. Wells Fargo & Company MN now owns 320,847 shares of the company's stock worth $2,907,000 after buying an additional 70,967 shares during the period. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

VLY stock traded down $0.14 during midday trading on Friday, reaching $8.59. The stock had a trading volume of 7,483,777 shares, compared to its average volume of 7,115,949. The firm has a fifty day simple moving average of $8.79 and a two-hundred day simple moving average of $9.43. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $4.81 billion, a PE ratio of 12.45 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. As a group, equities research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.44 annualized dividend and a dividend yield of 5.12%. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on VLY shares. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target for the company in a report on Monday, March 24th. Citigroup raised their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Barclays reduced their price target on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Stephens restated an "overweight" rating and set a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $10.67.

Insider Buying and Selling

In other news, EVP Joseph Chillura sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares of the company's stock, valued at $5,056,492.29. This represents a 9.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.43% of the stock is owned by corporate insiders.

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.