Hotchkis & Wiley Capital Management LLC Raises Position in Valley National Bancorp (NASDAQ:VLY)

Hotchkis & Wiley Capital Management LLC lifted its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 18.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,541,530 shares of the company's stock after buying an additional 244,940 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.30% of Valley National Bancorp worth $13,966,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new position in shares of Valley National Bancorp in the third quarter worth approximately $25,000. Innealta Capital LLC bought a new position in shares of Valley National Bancorp in the second quarter worth approximately $38,000. Blue Trust Inc. grew its holdings in shares of Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock worth $44,000 after purchasing an additional 1,564 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Valley National Bancorp by 416.8% in the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock worth $56,000 after purchasing an additional 5,001 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Valley National Bancorp by 46.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock valued at $62,000 after purchasing an additional 2,151 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on VLY shares. Barclays raised shares of Valley National Bancorp from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $9.00 to $10.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $10.50 to $11.00 in a research report on Monday, November 11th. Royal Bank of Canada increased their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, October 25th. Wedbush reaffirmed a "neutral" rating and issued a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Finally, Piper Sandler increased their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $9.88.

Valley National Bancorp Stock Up 1.0 %

Shares of VLY stock traded up $0.10 during mid-day trading on Wednesday, hitting $10.48. The company's stock had a trading volume of 3,220,216 shares, compared to its average volume of 6,142,516. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The business has a 50-day moving average price of $9.63 and a 200 day moving average price of $8.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 16.92 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $921.22 million during the quarter, compared to analysts' expectations of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the previous year, the business earned $0.26 earnings per share. Research analysts predict that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Friday, December 13th. Valley National Bancorp's dividend payout ratio (DPR) is 70.97%.

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.