California State Teachers Retirement System Buys 142,348 Shares of Valley National Bancorp $VLY

Key Points

• California State Teachers Retirement System increased its Valley National Bancorp stake by 29.7%, purchasing 142,348 shares to own 622,252 shares valued at approximately $7.64 million. Institutional investors collectively own 61% of the company.
• Analysts maintain a generally positive outlook, with Valley National receiving a consensus “Moderate Buy” rating and an average price target of $16.03, above its reported $14.88 opening price.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year, though earnings of $0.30 per share narrowly missed estimates. The company declared a quarterly dividend of $0.11 per share, representing a 3.0% annualized yield.

California State Teachers Retirement System grew its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 29.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 622,252 shares of the company's stock after purchasing an additional 142,348 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Valley National Bancorp worth $7,641,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quantinno Capital Management LP raised its stake in Valley National Bancorp by 17.3% in the first quarter. Quantinno Capital Management LP now owns 122,889 shares of the company's stock worth $1,509,000 after buying an additional 18,100 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Valley National Bancorp during the 1st quarter valued at approximately $332,000. Waverly Advisors LLC grew its holdings in shares of Valley National Bancorp by 5.8% during the 1st quarter. Waverly Advisors LLC now owns 20,546 shares of the company's stock worth $252,000 after acquiring an additional 1,124 shares during the period. Sei Investments Co. raised its position in shares of Valley National Bancorp by 67.7% in the 1st quarter. Sei Investments Co. now owns 461,493 shares of the company's stock worth $5,667,000 after acquiring an additional 186,260 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Valley National Bancorp by 6.0% in the 1st quarter. First Trust Advisors LP now owns 1,411,434 shares of the company's stock worth $17,332,000 after acquiring an additional 80,308 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VLY. TD Cowen restated a "buy" rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Barclays raised their price objective on Valley National Bancorp from $14.00 to $15.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Weiss Ratings restated a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. National Bank Financial set a $17.50 price target on shares of Valley National Bancorp in a research note on Wednesday, July 1st. Finally, Morgan Stanley reissued a "positive" rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $16.03.

Insiders Place Their Bets

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the transaction, the chief accounting officer directly owned 76,116 shares in the company, valued at $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.06% of the stock is currently owned by insiders.

Valley National Bancorp Price Performance

VLY opened at $14.88 on Wednesday. The stock has a 50-day moving average price of $14.37 and a 200-day moving average price of $13.37. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $8.25 billion, a PE ratio of 12.61 and a beta of 1.04. Valley National Bancorp has a 1 year low of $9.08 and a 1 year high of $15.20.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to analysts' expectations of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the company posted $0.23 earnings per share. Sell-side analysts predict that Valley National Bancorp will post 1.28 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.0%. Valley National Bancorp's dividend payout ratio (DPR) is 37.29%.

About Valley National Bancorp

Valley National Bancorp NASDAQ: VLY is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.

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