Hourglass Capital LLC Sells 3,125 Shares of Valley National Bancorp (NASDAQ:VLY)

Hourglass Capital LLC lessened its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 397,133 shares of the company’s stock after selling 3,125 shares during the period. Hourglass Capital LLC’s holdings in Valley National Bancorp were worth $3,598,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. lifted its holdings 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 valued at $51,431,000 after purchasing an additional 5,322,278 shares in the last quarter. Aigen Investment Management LP lifted its stake in Valley National Bancorp by 41.8% in the 3rd quarter. Aigen Investment Management LP now owns 43,972 shares of the company’s stock valued at $398,000 after acquiring an additional 12,968 shares in the last quarter. Covestor Ltd lifted its stake in Valley National Bancorp by 14.1% in the 3rd quarter. Covestor Ltd now owns 21,480 shares of the company’s stock valued at $195,000 after acquiring an additional 2,647 shares in the last quarter. Atria Investments Inc lifted its stake in Valley National Bancorp by 36.7% in the 3rd quarter. Atria Investments Inc now owns 40,198 shares of the company’s stock valued at $364,000 after acquiring an additional 10,785 shares in the last quarter. Finally, Harbor Capital Advisors Inc. bought a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $25,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 0.4 %

VLY stock opened at $10.18 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.18 billion, a PE ratio of 16.42 and a beta of 1.07. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. The business’s 50 day simple moving average is $9.12 and its 200 day simple moving average is $8.10.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The firm had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. During the same period in the prior year, the firm posted $0.26 EPS. As a group, research analysts anticipate that Valley National Bancorp will post 0.66 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s dividend payout ratio is 70.97%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley boosted their target price on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Wedbush restated a “neutral” rating and issued a $10.00 target price on shares of Valley National Bancorp in a research note on Friday, October 25th. Barclays upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $9.00 to $10.00 in a research note on Thursday, October 31st. Piper Sandler boosted their target price 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. Finally, StockNews.com upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.88.

Valley National Bancorp Company 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.