Oliver Luxxe Assets LLC Cuts Stock Holdings in Valley National Bancorp $VLY

Oliver Luxxe Assets LLC lessened its stake in Valley National Bancorp (NASDAQ:VLY) by 32.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 164,094 shares of the company’s stock after selling 78,122 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Valley National Bancorp were worth $2,404,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in VLY. Marshall Wace LLP increased its stake in Valley National Bancorp by 1,013.8% during the fourth quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock worth $79,787,000 after acquiring an additional 6,217,716 shares during the last quarter. Norges Bank purchased a new stake in shares of Valley National Bancorp during the 4th quarter worth about $71,554,000. UBS Group AG grew its holdings in shares of Valley National Bancorp by 404.7% during the 3rd quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock worth $62,197,000 after purchasing an additional 4,704,971 shares during the period. Squarepoint Ops LLC increased its position in Valley National Bancorp by 260.8% during the 4th quarter. Squarepoint Ops LLC now owns 5,239,435 shares of the company’s stock worth $61,197,000 after purchasing an additional 3,787,203 shares in the last quarter. Finally, Artemis Investment Management LLP increased its position in Valley National Bancorp by 252.9% during the 4th quarter. Artemis Investment Management LLP now owns 3,910,203 shares of the company’s stock worth $45,671,000 after purchasing an additional 2,802,080 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on VLY shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Barclays raised their target price on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Truist Financial lifted their target price on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a report on Friday, July 10th. UBS Group set a $17.00 price target on Valley National Bancorp in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald boosted their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.03.

Valley National Bancorp Price Performance

Shares of VLY stock opened at $14.55 on Friday. The firm has a fifty day simple moving average of $14.42 and a 200-day simple moving average of $13.41. The company has a market capitalization of $8.06 billion, a PE ratio of 12.33 and a beta of 1.04. Valley National Bancorp has a twelve month low of $9.16 and a twelve 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) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (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 firm had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. During the same period last year, the firm earned $0.23 EPS. The business’s quarterly revenue was up 13.3% on a year-over-year basis. Equities research analysts anticipate that Valley National Bancorp will post 1.28 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.0%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 37.29%.

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.