Teacher Retirement System of Texas Takes $652,000 Position in Valley National Bancorp (NASDAQ:VLY)

Teacher Retirement System of Texas purchased a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 73,303 shares of the company's stock, valued at approximately $652,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VLY. Farther Finance Advisors LLC raised its position in Valley National Bancorp by 206.6% during the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after purchasing an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Valley National Bancorp during the 4th quarter valued at $39,000. Brown Lisle Cummings Inc. bought a new position in Valley National Bancorp in the 1st quarter worth about $39,000. Optiver Holding B.V. boosted its stake in Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock valued at $46,000 after buying an additional 2,271 shares during the period. Finally, UMB Bank n.a. increased its stake in Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock valued at $50,000 after acquiring an additional 3,828 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on VLY shares. Jefferies Financial Group started coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price for the company. Truist Financial assumed coverage on shares of Valley National Bancorp in a research report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 price target on the stock. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a research report on Monday, March 24th. Finally, Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp has a consensus rating of "Hold" and an average target price of $10.73.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY traded up $0.19 during midday trading on Thursday, reaching $9.44. The company's stock had a trading volume of 5,712,706 shares, compared to its average volume of 8,055,898. The business's 50 day moving average price is $9.00 and its two-hundred day moving average price is $9.09. The company has a market cap of $5.28 billion, a P/E ratio of 13.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a fifty-two week low of $7.18 and a fifty-two week high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. The firm had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. During the same period in the prior year, the business earned $0.19 EPS. On average, analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend was Friday, June 13th. Valley National Bancorp's dividend payout ratio is currently 63.77%.

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.