Wellington Management Group LLP Sells 3,400,045 Shares of Valley National Bancorp (NASDAQ:VLY)

Wellington Management Group LLP decreased its holdings in Valley National Bancorp (NASDAQ:VLY) by 76.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,043,498 shares of the company’s stock after selling 3,400,045 shares during the period. Wellington Management Group LLP owned 0.21% of Valley National Bancorp worth $11,332,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in VLY. GAMMA Investing LLC bought a new position in shares of Valley National Bancorp in the fourth quarter worth about $35,000. Wolverine Asset Management LLC bought a new position in Valley National Bancorp during the fourth quarter valued at approximately $40,000. Simplicity Solutions LLC bought a new position in Valley National Bancorp during the fourth quarter valued at approximately $136,000. Bleakley Financial Group LLC bought a new position in Valley National Bancorp during the fourth quarter valued at approximately $137,000. Finally, Teza Capital Management LLC bought a new position in Valley National Bancorp during the third quarter valued at approximately $154,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $6.61 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 1.00. The business’s 50 day moving average price is $7.26 and its 200-day moving average price is $8.42. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 7.78 and a beta of 1.10.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01). Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. The business had revenue of $890.07 million during the quarter, compared to analysts’ expectations of $447.38 million. During the same quarter in the previous year, the company posted $0.30 earnings per share. On average, sell-side analysts expect that Valley National Bancorp will post 0.86 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Thursday, June 13th will be issued a dividend of $0.11 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.44 annualized dividend and a yield of 6.66%. Valley National Bancorp’s payout ratio is currently 51.76%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wedbush reissued a “neutral” rating and set a $8.00 price target on shares of Valley National Bancorp in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. dropped their price target on Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, April 4th. Barclays decreased their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Monday. Citigroup decreased their price objective on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Finally, Royal Bank of Canada decreased their price objective on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.78.

Insiders Place Their Bets

In other Valley National Bancorp news, EVP Joseph Chillura sold 25,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $7.43, for a total transaction of $185,750.00. Following the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $74,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Valley National Bancorp news, EVP Joseph Chillura sold 25,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $7.43, for a total transaction of $185,750.00. Following the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $74,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew B. Abramson sold 16,451 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total value of $127,001.72. Following the sale, the director now directly owns 224,679 shares in the company, valued at approximately $1,734,521.88. The disclosure for this sale can be found here. Insiders have sold 51,451 shares of company stock worth $378,452 in the last ninety days. 1.88% of the stock is owned by company insiders.

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.