Algert Global LLC Lowers Holdings in Valley National Bancorp $VLY

Algert Global LLC lowered its position in shares of Valley National Bancorp (NASDAQ:VLY) by 46.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 836,872 shares of the company’s stock after selling 711,748 shares during the quarter. Algert Global LLC owned 0.15% of Valley National Bancorp worth $8,871,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Smartleaf Asset Management LLC boosted its stake in shares of Valley National Bancorp by 77.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock worth $48,000 after acquiring an additional 1,996 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Valley National Bancorp by 244.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company’s stock worth $53,000 after buying an additional 4,177 shares in the last quarter. Vident Advisory LLC purchased a new position in Valley National Bancorp during the second quarter worth $93,000. Blueshift Asset Management LLC acquired a new position in shares of Valley National Bancorp in the second quarter worth $96,000. Finally, Blue Trust Inc. raised its position in shares of Valley National Bancorp by 199.4% in the third quarter. Blue Trust Inc. now owns 9,632 shares of the company’s stock valued at $102,000 after buying an additional 6,415 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 1.4%

NASDAQ:VLY opened at $11.92 on Tuesday. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of 11.80 and a beta of 1.07. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $13.87. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. The business’s fifty day moving average price is $12.58 and its 200 day moving average price is $11.57.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $524.31 million. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The firm’s revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a $0.11 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.7%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 43.56%.

Insider Buying and Selling

In other Valley National Bancorp news, Director Carlos J. Vazquez acquired 2,500 shares of Valley National Bancorp stock in a transaction dated Tuesday, February 17th. The stock was bought at an average cost of $13.45 per share, with a total value of $33,625.00. Following the acquisition, the director owned 4,252 shares of the company’s stock, valued at approximately $57,189.40. The trade was a 142.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.43% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. TD Cowen lifted their price target on Valley National Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, January 30th. Hovde Group lifted their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Citigroup restated a “buy” rating on shares of Valley National Bancorp in a research note on Monday, February 2nd. Royal Bank Of Canada raised their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Finally, Weiss Ratings upgraded Valley National Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $14.40.

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.