Strs Ohio decreased its position in Valley National Bancorp (NASDAQ:VLY – Free Report) by 27.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,200 shares of the company’s stock after selling 11,000 shares during the period. Strs Ohio’s holdings in Valley National Bancorp were worth $226,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in VLY. Wellington Management Group LLP lifted its stake in Valley National Bancorp by 153.8% in the first quarter. Wellington Management Group LLP now owns 8,869,091 shares of the company’s stock valued at $115,476,000 after buying an additional 5,374,624 shares during the period. Victory Capital Management Inc. lifted its stake in Valley National Bancorp by 2,232.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,936,902 shares of the company’s stock valued at $55,836,000 after buying an additional 4,725,214 shares during the period. Norges Bank acquired a new position in Valley National Bancorp in the fourth quarter valued at about $47,062,000. State Street Corp lifted its stake in Valley National Bancorp by 12.9% in the first quarter. State Street Corp now owns 21,108,081 shares of the company’s stock valued at $197,145,000 after buying an additional 2,404,722 shares during the period. Finally, Macquarie Group Ltd. lifted its stake in Valley National Bancorp by 11.6% in the first quarter. Macquarie Group Ltd. now owns 18,703,414 shares of the company’s stock valued at $172,820,000 after buying an additional 1,941,743 shares during the period. Institutional investors own 60.98% of the company’s stock.
Valley National Bancorp Stock Down 0.4 %
Shares of Valley National Bancorp stock opened at $7.75 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The business’s 50 day simple moving average is $8.52 and its 200 day simple moving average is $8.43. The firm has a market cap of $3.93 billion, a PE ratio of 6.68 and a beta of 1.14. Valley National Bancorp has a 52-week low of $6.39 and a 52-week high of $13.07.
Valley National Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 14th were paid a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 5.68%. Valley National Bancorp’s dividend payout ratio is 37.93%.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on VLY. StockNews.com began coverage on Valley National Bancorp in a research report on Thursday, October 5th. They set a “sell” rating on the stock. Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $11.50 price target on the stock in a research report on Tuesday, September 5th. Wedbush raised their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, July 28th. Morgan Stanley lowered Valley National Bancorp from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $8.00 to $8.50 in a research report on Wednesday, September 27th. Finally, TheStreet raised Valley National Bancorp from a “c+” rating to a “b” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Valley National Bancorp presently has an average rating of “Hold” and a consensus price target of $10.56.
View Our Latest Research Report on Valley National Bancorp
Valley National Bancorp Company Profile
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.
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