New Mexico Educational Retirement Board Raises Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

Posted by Defense World Staff on Aug 1st, 2023

New Mexico Educational Retirement Board boosted its holdings in shares of Valley National Bancorp (NASDAQ:VLY – Free Report) by 15.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,100 shares of the company’s stock after purchasing an additional 10,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Valley National Bancorp were worth $703,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in shares of Valley National Bancorp by 153.8% during the 1st quarter. Wellington Management Group LLP now owns 8,869,091 shares of the company’s stock worth $115,476,000 after acquiring an additional 5,374,624 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Valley National Bancorp during the 4th quarter worth approximately $53,639,000. Victory Capital Management Inc. raised its stake in shares of Valley National Bancorp by 2,233.6% during the 4th quarter. Victory Capital Management Inc. now owns 4,940,044 shares of the company’s stock worth $56,152,000 after buying an additional 4,728,356 shares in the last quarter. Norges Bank purchased a new position in Valley National Bancorp in the 4th quarter valued at approximately $47,062,000. Finally, State Street Corp grew its holdings in Valley National Bancorp by 11.1% during the 1st quarter. State Street Corp now owns 20,600,597 shares of the company’s stock valued at $270,425,000 after buying an additional 2,051,696 shares during the last quarter. 59.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Valley National Bancorp

In related news, Director Avner Mendelson purchased 2,611 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average price of $15.52 per share, for a total transaction of $40,522.72. Following the completion of the transaction, the director now owns 134,126 shares of the company’s stock, valued at $2,081,635.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Valley National Bancorp news, Director Marc J. Lenner purchased 2,000 shares of the company’s stock in a transaction on Monday, May 8th. The shares were purchased at an average cost of $15.09 per share, with a total value of $30,180.00. Following the completion of the purchase, the director now owns 8,260 shares in the company, valued at $124,643.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Avner Mendelson acquired 2,611 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were purchased at an average price of $15.52 per share, with a total value of $40,522.72. Following the acquisition, the director now owns 134,126 shares of the company’s stock, valued at $2,081,635.52. The disclosure for this purchase can be found here. Insiders acquired 9,027 shares of company stock valued at $140,034 in the last quarter. 1.71% of the stock is currently owned by insiders.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $10.26 on Tuesday. The firm has a market capitalization of $5.21 billion, a P/E ratio of 8.34 and a beta of 1.09. Valley National Bancorp has a 1 year low of $6.39 and a 1 year high of $13.07. The business has a 50-day moving average of $8.34 and a 200-day moving average of $8.82. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.39.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). Valley National Bancorp had a net margin of 22.01% and a return on equity of 10.69%. The business had revenue of $847.53 million during the quarter, compared to analyst estimates of $491.86 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. On average, equities analysts anticipate that Valley National Bancorp will post 1.09 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend was Wednesday, June 14th. Valley National Bancorp’s payout ratio is presently 35.77%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VLY. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $10.00 target price on the stock in a research report on Monday, June 5th. TheStreet cut Valley National Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, May 16th. Keefe, Bruyette & Woods decreased their target price on shares of Valley National Bancorp from $15.50 to $14.50 and set an “outperform” rating for the company in a research report on Thursday, April 6th. Piper Sandler lowered shares of Valley National Bancorp from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $10.00 to $11.00 in a research report on Friday. Finally, StockNews.com assumed coverage on shares of Valley National Bancorp in a research report on Thursday, May 18th. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp has an average rating of “Hold” and an average target price of $11.07.

About Valley National Bancorp

(Free Report)

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.