Valley National Bancorp (NASDAQ:VLY) Holdings Trimmed by State of Michigan Retirement System

State of Michigan Retirement System lowered its holdings in Valley National Bancorp (NASDAQ:VLY) by 1.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,081 shares of the company’s stock after selling 1,700 shares during the period. State of Michigan Retirement System’s holdings in Valley National Bancorp were worth $720,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of VLY. GAMMA Investing LLC acquired a new position in Valley National Bancorp in the 4th quarter valued at approximately $35,000. EntryPoint Capital LLC acquired a new position in shares of Valley National Bancorp in the first quarter worth $43,000. Simplicity Wealth LLC purchased a new stake in shares of Valley National Bancorp during the first quarter worth $92,000. Fifth Third Wealth Advisors LLC acquired a new stake in Valley National Bancorp during the second quarter valued at $94,000. Finally, Paloma Partners Management Co purchased a new position in Valley National Bancorp in the first quarter valued at about $98,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on VLY. Barclays cut their price target on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. JPMorgan Chase & Co. reduced their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Keefe, Bruyette & Woods increased their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, Morgan Stanley upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $8.00 to $9.50 in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.67.

Valley National Bancorp Trading Up 1.2 %

Valley National Bancorp stock opened at $8.68 on Friday. The business’s 50-day simple moving average is $7.75 and its 200-day simple moving average is $7.65. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22. The firm has a market capitalization of $4.42 billion, a PE ratio of 10.21 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The business had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter last year, the firm earned $0.28 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.11 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.44 annualized dividend and a yield of 5.07%. Valley National Bancorp’s dividend payout ratio is 51.76%.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 10,000 shares of the company’s stock in a transaction that occurred on 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 owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.88% of the company’s stock.

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.