Havemeyer Place LP Acquires Shares of 42,300 Valley National Bancorp $VLY

Havemeyer Place LP acquired a new stake in Valley National Bancorp (NASDAQ:VLY) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 42,300 shares of the company’s stock, valued at approximately $494,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Azora Capital LP bought a new stake in Valley National Bancorp in the third quarter valued at approximately $103,120,000. Norges Bank acquired a new position in shares of Valley National Bancorp in the fourth quarter valued at approximately $71,554,000. UBS Group AG lifted its holdings in shares of Valley National Bancorp by 404.7% in the third quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock valued at $62,197,000 after purchasing an additional 4,704,971 shares in the last quarter. Holocene Advisors LP bought a new position in Valley National Bancorp in the third quarter valued at $34,593,000. Finally, Artemis Investment Management LLP increased its stake in Valley National Bancorp by 252.9% in the 4th quarter. Artemis Investment Management LLP now owns 3,910,203 shares of the company’s stock valued at $45,671,000 after buying an additional 2,802,080 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

Insider Activity

In related news, COO Russell Barrett sold 90,537 shares of Valley National Bancorp stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the sale, the chief operating officer owned 64,167 shares of the company’s stock, valued at approximately $868,821.18. The trade was a 58.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.06% of the company’s stock.

Valley National Bancorp Stock Up 2.5%

VLY stock opened at $14.11 on Wednesday. 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 $7.82 billion, a PE ratio of 12.71 and a beta of 1.03. Valley National Bancorp has a 1-year low of $8.36 and a 1-year high of $14.23. The business’s 50 day simple moving average is $13.27 and its 200 day simple moving average is $12.57.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly 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. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $531.89 million. During the same quarter last year, the firm posted $0.18 EPS. As a group, research analysts anticipate that Valley National Bancorp will post 1.29 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, June 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 39.64%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VLY. TD Cowen upped their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. boosted their target price on shares of Valley National Bancorp from $14.50 to $15.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Cantor Fitzgerald upped their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Hovde Group increased their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Finally, Royal Bank Of Canada lifted their price objective on shares of Valley National Bancorp from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.13.

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.