Mutual of America Capital Management LLC Decreases Holdings in Valley National Bancorp (NASDAQ:VLY)

Mutual of America Capital Management LLC trimmed its position in Valley National Bancorp (NASDAQ:VLY) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 244,458 shares of the company’s stock after selling 6,341 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Valley National Bancorp were worth $2,173,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its stake in Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company’s stock worth $38,000 after purchasing an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Valley National Bancorp in the 4th quarter worth approximately $39,000. Brown Lisle Cummings Inc. purchased a new stake in Valley National Bancorp in the 1st quarter worth approximately $39,000. Optiver Holding B.V. boosted its stake in Valley National Bancorp by 80.9% in the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company’s stock worth $46,000 after purchasing an additional 2,271 shares during the period. Finally, UMB Bank n.a. boosted its stake in Valley National Bancorp by 219.6% in the 1st quarter. UMB Bank n.a. now owns 5,571 shares of the company’s stock worth $50,000 after purchasing an additional 3,828 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Trading Up 0.5%

Valley National Bancorp stock opened at $9.51 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 52 week low of $7.18 and a 52 week high of $11.10. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 13.78 and a beta of 1.06. The stock has a 50-day moving average price of $9.03 and a 200 day moving average price of $9.09.

Valley National Bancorp (NASDAQ:VLY) last announced 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 net margin of 11.03% and a return on equity of 5.12%. During the same quarter in the prior year, the business posted $0.19 earnings per share. Sell-side analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current 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 given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Friday, June 13th. Valley National Bancorp’s payout ratio is 63.77%.

Wall Street Analysts Forecast Growth

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

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.