State of New Jersey Common Pension Fund D Trims Stock Holdings in Valley National Bancorp (NASDAQ:VLY)

State of New Jersey Common Pension Fund D trimmed its holdings in Valley National Bancorp (NASDAQ:VLY) by 20.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 269,153 shares of the company’s stock after selling 70,861 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of Valley National Bancorp worth $1,879,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Retirement Systems of Alabama increased its position in shares of Valley National Bancorp by 0.3% during the first quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock worth $4,263,000 after acquiring an additional 1,435 shares during the period. Diversified Trust Co grew its stake in Valley National Bancorp by 11.1% in the second quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock worth $100,000 after purchasing an additional 1,435 shares in the last quarter. State of Michigan Retirement System increased its holdings in Valley National Bancorp by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after purchasing an additional 2,500 shares during the period. Arizona State Retirement System raised its position in Valley National Bancorp by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 121,095 shares of the company’s stock valued at $845,000 after purchasing an additional 2,500 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Valley National Bancorp by 22.6% in the 2nd quarter. CIBC Asset Management Inc now owns 13,708 shares of the company’s stock worth $96,000 after buying an additional 2,529 shares during the period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $9.06 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The company has a market cap of $4.61 billion, a PE ratio of 10.66 and a beta of 1.08. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The business’s fifty day simple moving average is $8.26 and its 200-day simple moving average is $7.67.

Valley National Bancorp (NASDAQ:VLY) last released 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). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The business had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter last year, the business posted $0.28 earnings per share. Analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.86%. The ex-dividend date of this dividend is Friday, September 13th. Valley National Bancorp’s dividend payout ratio is presently 51.76%.

Analysts Set New Price Targets

Several equities analysts have recently commented on VLY shares. Morgan Stanley upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $8.00 to $9.50 in a research note on Monday, August 5th. Barclays reduced their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Monday, June 24th. JPMorgan Chase & Co. dropped their price objective on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Keefe, Bruyette & Woods boosted their price objective 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. Finally, StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.31.

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.