Stieven Capital Advisors L.P. Sells 75,600 Shares of Valley National Bancorp (NASDAQ:VLY)

Stieven Capital Advisors L.P. cut its holdings in shares of Valley National Bancorp (NASDAQ:VLY) by 6.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,024,466 shares of the company’s stock after selling 75,600 shares during the period. Valley National Bancorp accounts for approximately 1.8% of Stieven Capital Advisors L.P.’s holdings, making the stock its 25th biggest holding. Stieven Capital Advisors L.P.’s holdings in Valley National Bancorp were worth $9,282,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Valley National Bancorp by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock valued at $179,537,000 after purchasing an additional 337,416 shares during the period. AQR Capital Management LLC raised its position in shares of Valley National Bancorp by 193.2% in the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after acquiring an additional 6,703,552 shares during the period. Victory Capital Management Inc. raised its position in shares of Valley National Bancorp by 1,501.7% in the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after acquiring an additional 5,322,278 shares during the period. Millennium Management LLC raised its position in shares of Valley National Bancorp by 995.0% in the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after acquiring an additional 2,522,204 shares during the period. Finally, Leeward Investments LLC MA raised its position in shares of Valley National Bancorp by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 1,900,986 shares of the company’s stock valued at $13,269,000 after acquiring an additional 101,099 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Price Performance

Shares of VLY opened at $10.19 on Friday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The company has a 50 day moving average of $9.20 and a 200-day moving average of $8.14. The stock has a market capitalization of $5.19 billion, a P/E ratio of 16.44 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The business had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same period last year, the business earned $0.26 earnings per share. As a group, equities research analysts forecast that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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

Analyst Ratings Changes

VLY has been the topic of a number of analyst reports. Morgan Stanley increased their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $10.50 to $11.00 in a report on Monday, November 11th. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $9.00 to $10.00 in a report on Thursday, October 31st. Wedbush restated a “neutral” rating and set a $10.00 target price on shares of Valley National Bancorp in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $9.88.

About Valley National Bancorp

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.