Valley National Bancorp (NASDAQ:VLY) Holdings Lowered by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp trimmed its position in shares of Valley National Bancorp (NASDAQ:VLY) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 356,992 shares of the company’s stock after selling 16,256 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.07% of Valley National Bancorp worth $2,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of VLY. Innealta Capital LLC acquired a new position in shares of Valley National Bancorp in the second quarter valued at $38,000. EntryPoint Capital LLC bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $43,000. Wolverine Asset Management LLC grew its holdings in Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock worth $65,000 after acquiring an additional 5,560 shares during the period. Simplicity Wealth LLC bought a new stake in Valley National Bancorp in the first quarter valued at approximately $92,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Valley National Bancorp during the second quarter worth $94,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on VLY shares. Wedbush reissued a “neutral” rating and issued a $8.00 price target on shares of Valley National Bancorp in a research note on Wednesday, May 22nd. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Morgan Stanley upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $8.00 to $9.50 in a research report on Monday, August 5th. Keefe, Bruyette & Woods boosted their target price on 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. Finally, 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.31.

Valley National Bancorp Stock Up 2.3 %

VLY opened at $8.72 on Tuesday. The company’s 50-day moving average price is $8.11 and its two-hundred day moving average price is $7.64. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 10.26 and a beta of 1.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The company had revenue of $884.68 million for the quarter, compared to analysts’ expectations 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 period last year, the company posted $0.28 EPS. As a group, equities analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date is Friday, September 13th. Valley National Bancorp’s payout ratio is presently 51.76%.

Valley National Bancorp 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.