SummitTX Capital L.P. Sells 35,261 Shares of Valley National Bancorp $VLY

SummitTX Capital L.P. reduced its position in shares of Valley National Bancorp (NASDAQ:VLY) by 52.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,340 shares of the company’s stock after selling 35,261 shares during the period. SummitTX Capital L.P.’s holdings in Valley National Bancorp were worth $385,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Cedar Mountain Advisors LLC bought a new stake in Valley National Bancorp during the first quarter valued at $26,000. Assetmark Inc. increased its stake in Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after acquiring an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Valley National Bancorp in the 4th quarter worth about $26,000. First Horizon Corp increased its stake in Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after acquiring an additional 1,108 shares during the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Valley National Bancorp in the 4th quarter valued at about $39,000. Institutional investors own 61.00% of the company’s stock.

Wall Street Analyst Weigh In

VLY has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Cantor Fitzgerald raised their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Barclays raised their target price on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Piper Sandler boosted their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Royal Bank Of Canada boosted their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $16.03.

Valley National Bancorp Trading Down 0.2%

Shares of VLY stock opened at $14.29 on Friday. The business has a 50-day moving average price of $14.32 and a two-hundred day moving average price of $13.31. Valley National Bancorp has a 12-month low of $8.95 and a 12-month high of $15.20. 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 firm has a market cap of $7.92 billion, a P/E ratio of 12.11 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. Valley National Bancorp’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 earnings per share. Equities analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 annualized dividend and a yield of 3.1%. Valley National Bancorp’s dividend payout ratio is currently 37.29%.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer directly owned 76,116 shares in the company, valued at $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.