SummitTX Capital L.P. Sells 35,261 Shares of Valley National Bancorp $VLY

SummitTX Capital L.P. trimmed its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 52.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,340 shares of the company’s stock after selling 35,261 shares during the period. SummitTX Capital L.P.’s holdings in Valley National Bancorp were worth $385,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Valley National Bancorp by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock worth $2,508,000 after acquiring an additional 15,771 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Valley National Bancorp during the first quarter valued at about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Valley National Bancorp by 21.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock valued at $12,852,000 after acquiring an additional 255,870 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Valley National Bancorp by 34.9% during the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock worth $541,000 after purchasing an additional 15,761 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Valley National Bancorp during the second quarter worth about $119,000. 61.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on VLY shares. Cantor Fitzgerald boosted their price target on Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Valley National Bancorp in a report on Monday, July 6th. Truist Financial lifted their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research report on Friday, July 10th. Piper Sandler boosted their target price 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. Finally, Hovde Group boosted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.03.

Valley National Bancorp Trading Down 0.2%

NASDAQ:VLY opened at $14.29 on Friday. The company has a 50-day moving average price of $14.32 and a 200-day moving average price of $13.31. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 12.11 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 12 month low of $8.95 and a 12 month high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last announced 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). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The company had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. During the same quarter in the prior year, the firm earned $0.23 EPS. Valley National Bancorp’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts predict that Valley National Bancorp will post 1.28 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp’s payout ratio is presently 37.29%.

Insiders Place Their Bets

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.06% of the company’s stock.

About Valley National Bancorp

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.