Dimensional Fund Advisors LP Trims Holdings in Valley National Bancorp $VLY

Dimensional Fund Advisors LP lowered its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,744,462 shares of the company’s stock after selling 637,399 shares during the period. Dimensional Fund Advisors LP owned 5.36% of Valley National Bancorp worth $365,249,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of VLY. Parallel Advisors LLC increased 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 valued at $51,000 after purchasing an additional 855 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Valley National Bancorp by 5.6% during 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 during the period. Bank of Montreal Can boosted its stake in shares of Valley National Bancorp by 2.1% during the fourth quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock worth $513,000 after buying an additional 918 shares during the period. Rothschild Investment LLC grew its holdings in shares of Valley National Bancorp by 7.3% during 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 during the last quarter. Finally, Vident Advisory LLC grew its holdings in shares of Valley National Bancorp by 9.1% during the fourth quarter. Vident Advisory LLC now owns 11,760 shares of the company’s stock worth $137,000 after buying an additional 983 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Trading Up 0.1%

NASDAQ VLY opened at $14.68 on Wednesday. The stock has a market capitalization of $8.13 billion, a P/E ratio of 13.23 and a beta of 1.03. Valley National Bancorp has a 52-week low of $8.95 and a 52-week high of $15.20. The firm has a 50-day moving average price of $14.13 and a 200 day moving average price of $13.19. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $531.89 million. During the same quarter last year, the firm earned $0.18 earnings per share. Equities research analysts expect that Valley National Bancorp will post 1.3 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 39.64%.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Russell Barrett sold 90,537 shares of the stock in a transaction on 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 transaction, the chief operating officer owned 64,167 shares of the company’s stock, valued at $868,821.18. The trade was a 58.52% decrease in their position. The SEC filing for this sale provides additional information. 1.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on VLY. Truist Financial boosted their price target on Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a research report on Friday, July 10th. Morgan Stanley reaffirmed a “positive” rating on shares of Valley National Bancorp in a research report on Monday, June 29th. UBS Group set a $17.00 target price on Valley National Bancorp in a report on Tuesday, July 7th. JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $15.00 to $17.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Finally, National Bank Financial set a $17.50 price target on Valley National Bancorp in a research note on Wednesday, July 1st. Three investment 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.93.

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.