Strs Ohio Invests $420,000 in Valley National Bancorp $VLY

Key Points

• Strs Ohio invested approximately $420,000 in Valley National Bancorp by acquiring 47,300 shares in the first quarter.
• Valley National Bancorp's stock has received multiple upgrades from analysts, with Citigroup boosting its target price from $10.00 to $13.50 and moving from a "neutral" to a "buy" rating.
• The company recently declared a quarterly dividend of $0.11 per share, representing a dividend yield of 4.1% and a payout ratio of 56.41%.

Strs Ohio bought a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 47,300 shares of the company's stock, valued at approximately $420,000.

Other institutional investors have also made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Valley National Bancorp in the first quarter worth approximately $35,000. Farther Finance Advisors LLC increased its position in shares of Valley National Bancorp by 206.6% in the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after acquiring an additional 2,896 shares in the last quarter. Brown Lisle Cummings Inc. purchased a new position in shares of Valley National Bancorp in the first quarter worth approximately $39,000. UMB Bank n.a. increased its position in shares of Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock worth $50,000 after acquiring an additional 3,828 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock worth $83,000 after acquiring an additional 1,709 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on VLY shares. Truist Financial lifted their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Citigroup raised shares of Valley National Bancorp from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $10.00 to $13.50 in a research report on Monday, September 15th. Wall Street Zen downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday. Hovde Group began coverage on shares of Valley National Bancorp in a research report on Wednesday, September 10th. They set an "outperform" rating and a $12.50 price objective on the stock. Finally, Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Tuesday, September 9th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.85.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY opened at $10.73 on Tuesday. The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.76 and a beta of 1.13. The firm's 50 day simple moving average is $10.00 and its 200 day simple moving average is $9.22. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.12.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly 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 business had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same period last year, the company posted $0.13 EPS. Valley National Bancorp's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

Valley National Bancorp Company 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.

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