State of Alaska Department of Revenue Reduces Stock Holdings in Valley National Bancorp $VLY

State of Alaska Department of Revenue reduced its holdings in Valley National Bancorp (NASDAQ:VLY) by 3.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,427 shares of the company’s stock after selling 2,170 shares during the period. State of Alaska Department of Revenue’s holdings in Valley National Bancorp were worth $477,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Wedge Capital Management L L P NC boosted its holdings in shares of Valley National Bancorp by 4.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,810,868 shares of the company’s stock valued at $34,031,000 after acquiring an additional 179,146 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Valley National Bancorp by 14.9% during the first quarter. Voya Investment Management LLC now owns 643,898 shares of the company’s stock worth $5,724,000 after buying an additional 83,573 shares in the last quarter. Strs Ohio purchased a new stake in Valley National Bancorp during the first quarter worth $420,000. Intech Investment Management LLC boosted its holdings in Valley National Bancorp by 40.7% during the first quarter. Intech Investment Management LLC now owns 502,987 shares of the company’s stock worth $4,472,000 after buying an additional 145,549 shares in the last quarter. Finally, Focus Partners Wealth boosted its holdings in Valley National Bancorp by 34.9% during the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock worth $541,000 after buying an additional 15,761 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Royal Bank Of Canada increased their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. Wall Street Zen raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Valley National Bancorp in a report on Wednesday. Barclays reissued a “positive” rating on shares of Valley National Bancorp in a report on Wednesday. Finally, Truist Financial increased their price target on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Valley National Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $12.54.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY opened at $10.84 on Thursday. The firm has a 50-day simple moving average of $10.30 and a 200-day simple moving average of $9.37. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 13.90 and a beta of 1.12. 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 $7.48 and a 52 week high of $11.16.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to analysts’ expectations of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 earnings per share. On average, equities analysts predict 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 disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.1%. The ex-dividend date was Monday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 56.41%.

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.