Hourglass Capital LLC Boosts Stock Position in Valley National Bancorp (NASDAQ:VLY)

Hourglass Capital LLC raised its holdings in Valley National Bancorp (NASDAQ:VLY) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 418,233 shares of the company’s stock after purchasing an additional 21,100 shares during the quarter. Hourglass Capital LLC’s holdings in Valley National Bancorp were worth $3,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in VLY. Wellington Management Group LLP grew its position in Valley National Bancorp by 384.2% during the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock valued at $81,276,000 after buying an additional 7,118,044 shares during the period. Victory Capital Management Inc. increased its stake in shares of Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after purchasing an additional 5,322,278 shares during the last quarter. Basswood Capital Management L.L.C. purchased a new stake in shares of Valley National Bancorp during the 3rd quarter worth approximately $19,399,000. Verition Fund Management LLC raised its holdings in shares of Valley National Bancorp by 416.7% in the 3rd quarter. Verition Fund Management LLC now owns 852,884 shares of the company’s stock worth $7,727,000 after purchasing an additional 687,813 shares during the period. Finally, Holocene Advisors LP purchased a new position in Valley National Bancorp in the third quarter valued at approximately $4,374,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 50,000 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. The trade was a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.88% of the stock is owned by company insiders.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $9.96 on Friday. The company’s 50 day simple moving average is $9.66 and its two-hundred day simple moving average is $9.31. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The stock has a market capitalization of $5.07 billion, a PE ratio of 14.43 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period in the previous year, the company posted $0.22 earnings per share. Analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend was Friday, December 13th. Valley National Bancorp’s payout ratio is 63.77%.

Analysts Set New Price Targets

Several brokerages have issued reports on VLY. Royal Bank of Canada boosted their target price on Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Piper Sandler boosted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Citigroup upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, January 27th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Finally, Stephens restated an “overweight” rating and set a $12.50 price target on shares of Valley National Bancorp in a research note on Thursday, January 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Hold” and an average target price of $10.67.

Valley National Bancorp 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.