Basswood Capital Management L.L.C. Has $19.33 Million Stake in Valley National Bancorp $VLY

Basswood Capital Management L.L.C. trimmed its stake in Valley National Bancorp (NASDAQ:VLY) by 14.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,654,877 shares of the company’s stock after selling 280,752 shares during the period. Basswood Capital Management L.L.C.’s holdings in Valley National Bancorp were worth $19,329,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC increased its holdings in Valley National Bancorp by 24.5% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after purchasing an additional 855 shares during the period. Ritholtz Wealth Management increased its holdings in Valley National Bancorp by 5.6% in the fourth quarter. Ritholtz Wealth Management now owns 16,652 shares of the company’s stock valued at $194,000 after purchasing an additional 888 shares during the period. Bank of Montreal Can grew its holdings in Valley National Bancorp by 2.1% during the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock worth $513,000 after acquiring an additional 918 shares during the period. Rothschild Investment LLC grew its holdings in Valley National Bancorp by 7.3% during the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock worth $159,000 after acquiring an additional 923 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC grew its holdings in Valley National Bancorp by 0.9% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock worth $1,137,000 after acquiring an additional 951 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Stock Performance

Shares of VLY opened at $14.63 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50-day moving average of $13.40 and a 200-day moving average of $12.63. The company has a market cap of $8.11 billion, a PE ratio of 13.18 and a beta of 1.03. Valley National Bancorp has a one year low of $8.36 and a one year high of $14.70.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same period last year, the business posted $0.18 EPS. On average, equities research analysts predict that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company 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 $0.11 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.0%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 39.64%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on VLY shares. 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. Cantor Fitzgerald increased their price target on Valley National Bancorp from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a report on Wednesday, May 6th. Keefe, Bruyette & Woods increased their price target on Valley National Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $16.00 price target (up from $15.50) on shares of Valley National Bancorp in a report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.13.

Insider Activity at Valley National Bancorp

In other news, COO Russell Barrett sold 90,537 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the sale, the chief operating officer directly owned 64,167 shares in the company, valued at $868,821.18. This trade represents a 58.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.06% of the stock is currently owned by corporate insiders.

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.