Teacher Retirement System of Texas Invests $652,000 in Valley National Bancorp (NASDAQ:VLY)

Teacher Retirement System of Texas purchased a new stake in Valley National Bancorp (NASDAQ:VLY) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 73,303 shares of the company’s stock, valued at approximately $652,000.

Several other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new position in Valley National Bancorp in the 4th quarter valued at $31,490,000. Xponance Inc. boosted its stake in Valley National Bancorp by 13.7% during the fourth quarter. Xponance Inc. now owns 66,588 shares of the company’s stock worth $603,000 after buying an additional 8,032 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock valued at $83,000 after purchasing an additional 1,709 shares during the period. Trexquant Investment LP lifted its holdings in Valley National Bancorp by 17.5% in the fourth quarter. Trexquant Investment LP now owns 657,448 shares of the company’s stock valued at $5,956,000 after acquiring an additional 97,921 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Valley National Bancorp by 230.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company’s stock worth $1,314,000 after acquiring an additional 103,159 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wall Street Zen cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, May 17th. Barclays reaffirmed an “underweight” rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Jefferies Financial Group started coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They issued a “hold” rating and a $10.00 price target on the stock. Piper Sandler upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 target price for the company in a report on Monday, March 24th. Finally, Morgan Stanley raised Valley National Bancorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.73.

Valley National Bancorp Stock Down 4.0%

Valley National Bancorp stock opened at $9.22 on Wednesday. The firm has a market capitalization of $5.16 billion, a P/E ratio of 13.36 and a beta of 1.06. 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 twelve month low of $7.18 and a twelve month high of $11.10. The stock’s fifty day simple moving average is $8.99 and its 200-day simple moving average is $9.09.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $479.67 million for the quarter, compared to analysts’ expectations of $483.98 million. Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. During the same quarter last year, the company earned $0.19 EPS. As a group, equities analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a $0.11 dividend. The ex-dividend date of this dividend 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 currently 63.77%.

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.