State of New Jersey Common Pension Fund D Lowers Stake in Valley National Bancorp (NASDAQ:VLY)

State of New Jersey Common Pension Fund D cut its position in Valley National Bancorp (NASDAQ:VLY) by 15.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 226,954 shares of the company’s stock after selling 42,199 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Valley National Bancorp were worth $2,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in Valley National Bancorp in the 3rd quarter worth approximately $25,000. Innealta Capital LLC purchased a new position in shares of Valley National Bancorp in the second quarter worth $38,000. EntryPoint Capital LLC bought a new position in shares of Valley National Bancorp during the first quarter worth $43,000. Blue Trust Inc. boosted its position in shares of Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after acquiring an additional 1,564 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after acquiring an additional 5,001 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VLY has been the topic of several research analyst reports. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. Royal Bank of Canada boosted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Morgan Stanley raised their price target on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $10.50 to $11.00 in a report on Monday, November 11th. Finally, Piper Sandler raised their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp has a consensus rating of “Hold” and an average target price of $9.88.

Valley National Bancorp Stock Up 0.5 %

NASDAQ VLY opened at $10.19 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. 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 $5.19 billion, a price-to-earnings ratio of 16.44 and a beta of 1.07. The company has a fifty day moving average of $9.20 and a two-hundred day moving average of $8.13.

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

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

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.