Retirement Systems of Alabama Sells 7,646 Shares of Valley National Bancorp (NASDAQ:VLY)

Retirement Systems of Alabama lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 1.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 527,900 shares of the company’s stock after selling 7,646 shares during the period. Retirement Systems of Alabama owned 0.10% of Valley National Bancorp worth $3,685,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Cornerstone Wealth Group LLC increased its stake in shares of Valley National Bancorp by 6.4% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 67,347 shares of the company’s stock valued at $470,000 after purchasing an additional 4,040 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Valley National Bancorp in the 2nd quarter valued at $94,000. Nisa Investment Advisors LLC increased its stake in shares of Valley National Bancorp by 34.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock valued at $1,107,000 after purchasing an additional 39,750 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of Valley National Bancorp by 113.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 28,265 shares of the company’s stock valued at $197,000 after purchasing an additional 15,004 shares during the last quarter. Finally, Leeward Investments LLC MA increased its stake 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 purchasing an additional 101,099 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

Insider Transactions at Valley National Bancorp

In other news, EVP Joseph Chillura sold 10,000 shares of Valley National Bancorp stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the completion of the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.88% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on VLY. Royal Bank of Canada raised their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, July 26th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Barclays cut their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Keefe, Bruyette & Woods raised their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. cut their price objective on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.67.

Valley National Bancorp Stock Down 2.1 %

Shares of VLY opened at $8.56 on Wednesday. The company has a market capitalization of $4.36 billion, a PE ratio of 10.07 and a beta of 1.08. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The stock’s 50-day moving average price is $7.63 and its two-hundred day moving average price is $7.63. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The business had revenue of $884.68 million during the quarter, compared to the consensus estimate of $458.67 million. During the same period last year, the business posted $0.28 earnings per share. On average, analysts anticipate that Valley National Bancorp will post 0.7 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.14%. The ex-dividend date is Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

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.