State of Michigan Retirement System Acquires 1,200 Shares of Valley National Bancorp (NASDAQ:VLY)

State of Michigan Retirement System increased its holdings in Valley National Bancorp (NASDAQ:VLY) by 1.1% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 113,681 shares of the company’s stock after buying an additional 1,200 shares during the quarter. State of Michigan Retirement System’s holdings in Valley National Bancorp were worth $1,011,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Valley National Bancorp by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company’s stock valued at $453,020,000 after purchasing an additional 4,204,651 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Valley National Bancorp by 10.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company’s stock valued at $259,692,000 after purchasing an additional 2,810,005 shares during the period. Wellington Management Group LLP grew its stake in shares of Valley National Bancorp by 90.2% during the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company’s stock valued at $154,558,000 after purchasing an additional 8,088,466 shares during the period. Geode Capital Management LLC grew its stake in shares of Valley National Bancorp by 5.9% during the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company’s stock valued at $107,122,000 after purchasing an additional 656,200 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Valley National Bancorp during the 4th quarter valued at about $74,558,000. 61.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Piper Sandler upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price target for the company in a research note on Monday, March 24th. Jefferies Financial Group assumed coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $10.00 price target for the company. Truist Financial assumed coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They set a “hold” rating and a $10.00 price target for the company. Wall Street Zen downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 17th. Finally, Barclays restated an “underweight” rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have 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 target price of $10.73.

Valley National Bancorp Stock Down 4.0%

NASDAQ VLY opened at $9.22 on Wednesday. The stock’s 50 day moving average is $8.99 and its 200 day moving average is $9.09. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 12 month low of $7.18 and a 12 month high of $11.10. The stock has a market cap of $5.16 billion, a PE ratio of 13.36 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. The business had revenue of $479.67 million during the quarter, compared to analysts’ expectations of $483.98 million. During the same period in the prior year, the firm posted $0.19 earnings per share. Research analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.11 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.77%. Valley National Bancorp’s dividend payout ratio is presently 63.77%.

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.