American Century Companies Inc. Has $57.07 Million Holdings in Valley National Bancorp $VLY

Key Points

• American Century Companies Inc. has reduced its stake in Valley National Bancorp by 8.3%, now owning approximately 1.15% of the company valued at $57 million after selling 579,110 shares.
• Valley National Bancorp recently reported earnings of $0.23 per share, surpassing analysts’ expectations, while its revenue increased by 9.3% year-over-year.
• The company has declared a quarterly dividend of $0.11 per share, resulting in an annualized dividend yield of 4.5%, with a payout ratio of 56.41%.

American Century Companies Inc. cut its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 8.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,419,354 shares of the company's stock after selling 579,110 shares during the quarter. American Century Companies Inc. owned 1.15% of Valley National Bancorp worth $57,068,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of Valley National Bancorp by 4.8% during the first quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock worth $267,054,000 after purchasing an additional 1,377,676 shares during the period. Persistent Asset Partners Ltd increased its holdings in shares of Valley National Bancorp by 43,659.7% during the first quarter. Persistent Asset Partners Ltd now owns 155,508 shares of the company's stock worth $1,382,000 after purchasing an additional 155,865 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Valley National Bancorp by 35.2% during the first quarter. Russell Investments Group Ltd. now owns 361,845 shares of the company's stock worth $3,216,000 after purchasing an additional 94,289 shares during the period. Nuveen LLC acquired a new stake in shares of Valley National Bancorp during the 1st quarter worth approximately $15,890,000. Finally, Aigen Investment Management LP boosted its position in shares of Valley National Bancorp by 70.0% during the 1st quarter. Aigen Investment Management LP now owns 45,105 shares of the company's stock worth $401,000 after acquiring an additional 18,566 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on VLY shares. Jefferies Financial Group started coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target on the stock. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research report on Friday, July 25th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, 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 research report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $10.95.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded down $0.05 during mid-day trading on Monday, reaching $10.26. The company had a trading volume of 7,280,066 shares, compared to its average volume of 7,807,571. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.10. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a market cap of $5.74 billion, a P/E ratio of 13.15 and a beta of 1.09. The business has a fifty day simple moving average of $9.41 and a 200 day simple moving average of $9.08.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter last year, the business posted $0.13 earnings per share. The company's quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.11 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 4.3%. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

About Valley National Bancorp

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.