Public Employees Retirement System of Ohio Takes $1.80 Million Position in Valley National Bancorp $VLY

Key Points

• Public Employees Retirement System of Ohio bought 122,811 shares of Valley National Bancorp worth approximately $1.8 million in the second quarter. Institutional investors collectively own 61% of the company.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year, but earnings of $0.30 per share narrowly missed analyst expectations of $0.31.
• The bank declared a quarterly dividend of $0.11 per share, representing an annualized payout of $0.44 and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $16.10.

Public Employees Retirement System of Ohio purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 122,811 shares of the company's stock, valued at approximately $1,799,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in Valley National Bancorp in the second quarter worth $276,000. Corient Private Wealth LP bought a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $623,000. Azora Capital LP purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth about $150,121,000. Bank of America Corp DE purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth about $53,210,000. Finally, Basswood Capital Management L.L.C. bought a new position in shares of Valley National Bancorp in the 2nd quarter worth about $17,319,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the business's stock in a transaction dated Friday, June 12th. The stock was 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 owned 76,116 shares of the company's stock, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.06% of the company's stock.

Valley National Bancorp Stock Down 0.1%

Shares of Valley National Bancorp stock opened at $14.02 on Monday. The company has a 50-day simple moving average of $14.48 and a two-hundred day simple moving average of $13.62. The stock has a market capitalization of $7.75 billion, a PE ratio of 11.88 and a beta of 1.03. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm had revenue of $560.74 million for the quarter, compared to analysts' expectations of $557.16 million. During the same quarter in the previous year, the company earned $0.23 EPS. The company's quarterly revenue was up 13.3% compared to the same quarter last year. On average, analysts anticipate that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is currently 37.29%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VLY shares. Weiss Ratings reissued a "buy (b)" rating on shares of Valley National Bancorp in a research note on Monday, July 6th. TD Cowen reaffirmed a "buy" rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Royal Bank Of Canada reiterated a "buy" rating on shares of Valley National Bancorp in a report on Wednesday, August 26th. Keefe, Bruyette & Woods boosted their price target on Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. cut their price target on Valley National Bancorp from $17.50 to $17.00 and set an "overweight" rating on the stock in a research note on Friday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $16.10.

Valley National Bancorp Company Profile

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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