Valley National Bancorp $VLY Shares Sold by Maltese Capital Management LLC

Maltese Capital Management LLC decreased its stake in Valley National Bancorp (NASDAQ:VLY) by 23.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 434,000 shares of the company’s stock after selling 136,000 shares during the period. Maltese Capital Management LLC’s holdings in Valley National Bancorp were worth $5,069,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of VLY. Azora Capital LP acquired a new position in Valley National Bancorp in the third quarter valued at $103,120,000. Marshall Wace LLP boosted its position in shares of Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock valued at $79,787,000 after purchasing an additional 6,217,716 shares during the period. Norges Bank acquired a new position in Valley National Bancorp during the fourth quarter worth approximately $71,554,000. UBS Group AG increased its holdings in shares of Valley National Bancorp by 404.7% in the 3rd quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock valued at $62,197,000 after acquiring an additional 4,704,971 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in shares of Valley National Bancorp by 260.8% in the fourth quarter. Squarepoint Ops LLC now owns 5,239,435 shares of the company’s stock valued at $61,197,000 after buying an additional 3,787,203 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Trading Down 2.3%

NASDAQ VLY opened at $14.29 on Tuesday. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 12.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. Valley National Bancorp has a one year low of $8.36 and a one year high of $14.72. The company’s 50 day moving average price is $13.44 and its 200 day moving average price is $12.66.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $531.89 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, sell-side analysts predict that Valley National Bancorp will post 1.29 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, June 15th. Valley National Bancorp’s dividend payout ratio is currently 39.64%.

Insider Activity

In other 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 value of $1,225,870.98. Following the completion of the transaction, the chief operating officer directly 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the transaction, the chief accounting officer directly owned 76,116 shares of the company’s stock, 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. Company insiders own 1.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Valley National Bancorp from $14.50 to $15.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Morgan Stanley reissued an “equal weight” rating and set a $15.00 target price (up from $14.00) on shares of Valley National Bancorp in a research note on Wednesday, May 6th. Cantor Fitzgerald upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. TD Cowen boosted their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, Hovde Group upped their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Valley National Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $15.13.

Valley National Bancorp 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.