Ontario Teachers Pension Plan Board Decreases Stake in Valley National Bancorp (NASDAQ:VLY)

Ontario Teachers Pension Plan Board cut its stake in Valley National Bancorp (NASDAQ:VLY) by 5.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,131 shares of the company’s stock after selling 3,001 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Valley National Bancorp were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of VLY. O Shaughnessy Asset Management LLC increased its holdings in Valley National Bancorp by 144.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 30,004 shares of the company’s stock valued at $239,000 after purchasing an additional 17,726 shares during the last quarter. Seven Eight Capital LP purchased a new stake in shares of Valley National Bancorp during the first quarter worth approximately $219,000. Bessemer Group Inc. raised its holdings in Valley National Bancorp by 27.3% in the first quarter. Bessemer Group Inc. now owns 16,766 shares of the company’s stock valued at $134,000 after acquiring an additional 3,593 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Valley National Bancorp in the first quarter worth approximately $43,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Valley National Bancorp in the 1st quarter valued at approximately $159,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 1.0 %

VLY stock opened at $10.25 on Friday. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 16.53 and a beta of 1.07. The company has a fifty day moving average price of $9.36 and a 200 day moving average price of $8.21. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. Sell-side analysts expect that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.29%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 70.97%.

Analyst Upgrades and Downgrades

VLY has been the subject of several recent analyst reports. Morgan Stanley lifted their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Barclays upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $9.00 to $10.00 in a report on Thursday, October 31st. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. Keefe, Bruyette & Woods raised their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $9.88.

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.