Valley National Bancorp $VLY Stock Position Reduced by Azora Capital LP

Azora Capital LP lowered its stake in Valley National Bancorp (NASDAQ:VLY) by 19.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,798,088 shares of the company’s stock after selling 1,930,197 shares during the quarter. Valley National Bancorp comprises approximately 5.7% of Azora Capital LP’s holdings, making the stock its 6th largest holding. Azora Capital LP’s holdings in Valley National Bancorp were worth $91,082,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC lifted its stake in Valley National Bancorp by 24.5% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock worth $51,000 after purchasing an additional 855 shares in the last quarter. Ritholtz Wealth Management lifted its stake in Valley National Bancorp by 5.6% in the 4th quarter. Ritholtz Wealth Management now owns 16,652 shares of the company’s stock worth $194,000 after purchasing an additional 888 shares in the last quarter. Bank of Montreal Can lifted its stake in Valley National Bancorp by 2.1% in the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock worth $513,000 after purchasing an additional 918 shares in the last quarter. Rothschild Investment LLC lifted its stake in Valley National Bancorp by 7.3% in the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock worth $159,000 after purchasing an additional 923 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC lifted its stake in Valley National Bancorp by 0.9% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock worth $1,137,000 after purchasing an additional 951 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Down 2.0%

Shares of NASDAQ VLY opened at $13.91 on Thursday. The firm’s 50-day moving average price is $13.50 and its 200-day moving average price is $12.70. 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 stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 12.53 and a beta of 1.03. Valley National Bancorp has a 12-month low of $8.36 and a 12-month high of $14.72.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same period in the prior year, the company earned $0.18 EPS. On average, equities research analysts anticipate that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

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

Insider Transactions at Valley National Bancorp

In related news, COO Russell Barrett sold 90,537 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $13.54, for a total value of $1,225,870.98. Following the sale, the chief operating officer directly owned 64,167 shares of the company’s stock, valued at $868,821.18. This represents a 58.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Valley National Bancorp from $14.50 to $15.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a research note on Wednesday, May 6th. TD Cowen restated a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday. Hovde Group upped their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Finally, National Bank Financial set a $17.00 target price on shares of Valley National Bancorp in a research report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.13.

Valley National Bancorp Company 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.