Hotchkis & Wiley Capital Management LLC Grows Position in Valley National Bancorp (NASDAQ:VLY)

Hotchkis & Wiley Capital Management LLC grew its stake in Valley National Bancorp (NASDAQ:VLY) by 18.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,541,530 shares of the company’s stock after acquiring an additional 244,940 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in Valley National Bancorp were worth $13,966,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in VLY. Harbor Capital Advisors Inc. acquired a new stake in shares of Valley National Bancorp during the 3rd quarter worth about $25,000. Innealta Capital LLC acquired a new stake in Valley National Bancorp during the second quarter worth approximately $38,000. Blue Trust Inc. grew its stake in Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after acquiring an additional 1,564 shares during the period. Hexagon Capital Partners LLC raised its holdings in Valley National Bancorp by 416.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after acquiring an additional 5,001 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Valley National Bancorp by 46.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after purchasing an additional 2,151 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on VLY shares. Royal Bank of Canada increased their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Wedbush reiterated a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a report on Friday, October 25th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $10.50 to $11.00 in a research report on Monday, November 11th. Finally, Piper Sandler lifted their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.88.

Valley National Bancorp Price Performance

VLY opened at $10.38 on Wednesday. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The company has a 50 day moving average of $9.60 and a two-hundred day moving average of $8.36. The company has a market cap of $5.29 billion, a P/E ratio of 16.74 and a beta of 1.09. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same period in the prior year, the company earned $0.26 EPS. On average, analysts expect that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.11 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.24%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 70.97%.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.