Artemis Investment Management LLP Sells 2,244,168 Shares of Valley National Bancorp $VLY

Artemis Investment Management LLP cut its stake in Valley National Bancorp (NASDAQ:VLY) by 30.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 5,032,506 shares of the company’s stock after selling 2,244,168 shares during the period. Artemis Investment Management LLP’s holdings in Valley National Bancorp were worth $63,510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Cim Investment Management Inc. raised its holdings in Valley National Bancorp by 17.1% in the 2nd quarter. Cim Investment Management Inc. now owns 34,523 shares of the company’s stock valued at $506,000 after acquiring an additional 5,038 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Valley National Bancorp by 22.4% in the second quarter. Sequoia Financial Advisors LLC now owns 75,084 shares of the company’s stock valued at $1,100,000 after purchasing an additional 13,729 shares during the last quarter. Tidal Investments LLC grew its position in shares of Valley National Bancorp by 24.3% in the second quarter. Tidal Investments LLC now owns 69,997 shares of the company’s stock valued at $1,025,000 after purchasing an additional 13,687 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Valley National Bancorp by 239.5% during the second quarter. IFP Advisors Inc now owns 8,478 shares of the company’s stock worth $124,000 after purchasing an additional 5,981 shares during the period. Finally, Allworth Financial LP increased its stake in shares of Valley National Bancorp by 2.3% during the second quarter. Allworth Financial LP now owns 68,078 shares of the company’s stock worth $997,000 after purchasing an additional 1,518 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock traded up $0.22 on Thursday, reaching $12.70. 2,784,103 shares of the stock were exchanged, compared to its average volume of 7,139,244. The firm’s 50 day moving average is $13.85 and its 200-day moving average is $13.74. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $7.02 billion, a PE ratio of 10.76 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 EPS. As a group, analysts anticipate that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 37.29%.

Analyst Ratings Changes

Several research firms recently issued reports on VLY. Piper Sandler boosted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research note on Friday, June 26th. National Bank Financial set a $15.50 price target on shares of Valley National Bancorp in a research note on Thursday, October 1st. JPMorgan Chase & Co. decreased their target price on shares of Valley National Bancorp from $17.00 to $15.50 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Truist Financial raised their target price on shares of Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Morgan Stanley cut their price target on Valley National Bancorp from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Monday, September 28th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.27.

Valley National Bancorp Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.