FLC Capital Advisors Cuts Stake in Valley National Bancorp $VLY

FLC Capital Advisors lowered its position in Valley National Bancorp (NASDAQ:VLY) by 63.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,964 shares of the company’s stock after selling 39,039 shares during the quarter. FLC Capital Advisors’ holdings in Valley National Bancorp were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC boosted its stake in Valley National Bancorp by 24.5% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock worth $51,000 after buying an additional 855 shares in the last quarter. Ritholtz Wealth Management boosted its stake in Valley National Bancorp by 5.6% in the fourth quarter. Ritholtz Wealth Management now owns 16,652 shares of the company’s stock worth $194,000 after buying an additional 888 shares in the last quarter. Rothschild Investment LLC boosted its stake in Valley National Bancorp by 7.3% in the fourth quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock worth $159,000 after buying an additional 923 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in Valley National Bancorp by 0.9% in the third quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock worth $1,137,000 after buying an additional 951 shares in the last quarter. Finally, First Horizon Corp boosted its stake in Valley National Bancorp by 52.5% in the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after buying an additional 1,108 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $13.78 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The company has a market cap of $7.64 billion, a PE ratio of 12.41 and a beta of 1.03. The business has a 50 day moving average of $13.20 and a 200 day moving average of $12.50. Valley National Bancorp has a 52 week low of $8.36 and a 52 week high of $14.12.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the company earned $0.18 earnings per share. As a group, equities research analysts forecast that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, June 15th. Valley National Bancorp’s dividend payout ratio is currently 39.64%.

Analyst Upgrades and Downgrades

VLY has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on Valley National Bancorp from $14.50 to $15.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Morgan Stanley reissued an “equal weight” rating and set a $15.00 price objective (up from $14.00) on shares of Valley National Bancorp in a research note on Wednesday, May 6th. Cantor Fitzgerald increased their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. TD Cowen increased their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods increased their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $15.13.

Insider Activity at Valley National Bancorp

In related news, COO Russell Barrett sold 90,537 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the transaction, the chief operating officer owned 64,167 shares in the company, valued at $868,821.18. This represents a 58.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.06% of the stock is currently owned by corporate insiders.

Valley National Bancorp 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.