The Louisiana State Employees Retirement System increased its holdings of Valley National Bancorp (NASDAQ:VLY – Get Rating) stock by 5.5% during the 1st quarter, according to its latest disclosure to the Securities and Exchange Commission (SEC). The fund held 110,400 shares of the company after buying an additional 5,800 shares during the quarter. The Louisiana State Employees Retirement System holdings in Valley National Bancorp were worth $1,422,000 at the end of the last quarter.
A number of other institutional investors also bought and sold shares of the company. Inspire Investing LLC acquired a new position in Valley National Bancorp during the first quarter worth $236,000. Zurcher Kantonalbank Zurcher Kantonalbank increased its position in shares of Valley National Bancorp by 8.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,933 shares of the company valued at $689,000 after buying an additional 4,100 shares in the last quarter. Lindbrook Capital LLC increased its position in shares of Valley National Bancorp by 243.7% in the first quarter. Lindbrook Capital LLC now owns 2,557 shares of the company valued at $33,000 after purchasing an additional 1,813 shares in the last quarter. Boston Trust Walden Corp acquired a new stake in shares of Valley National Bancorp in the first quarter valued at approximately $567,000. Finally, Retirement Systems of Alabama increased its position in shares of Valley National Bancorp by 3.8% in the first quarter. Retirement Systems of Alabama now owns 552,970 shares of the company valued at $7,200,000 after purchasing an additional 20,073 shares in the last quarter. 78.90% of the shares are currently held by hedge funds and other institutional investors.
NASDAQ:VLY shares opened at $10.54 on Friday. Valley National Bancorp has a 52-week low of $10.19 and a 52-week high of $15.10. The company has a market capitalization of $5.34 billion, a P/E ratio of 9.41 and a beta of 1.13. The stock’s 50-day moving average is $11.48 and its 200-day moving average is $12.86. The company has a debt ratio of 0.30, a quick ratio of 0.98 and a current ratio of 0.98.
Valley National Bancorp (NASDAQ:VLY – Get Rating) last released its quarterly results on Thursday, April 28. The company reported EPS of $0.28 for the quarter, beating the consensus estimate of $0.27 by $0.01. Valley National Bancorp had a return on equity of 10.35% and a net margin of 31.53%. The company posted revenue of $356.90 million in the quarter, compared to $350.93 million expected by analysts. In the same quarter a year earlier, the company posted EPS of $0.28. The company’s revenue for the quarter increased 10.2% on an annual basis. As a group, stock analysts predict Valley National Bancorp will post EPS of 1.21 for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 1. Investors of record on Wednesday, June 15 received a dividend of $0.11. The ex-dividend date was Tuesday, June 14. This represents a dividend of $0.44 on an annualized basis and a dividend yield of 4.17%. Valley National Bancorp’s payout ratio is 39.29%.
Separately, Citigroup lowered its price target on Valley National Bancorp from $14.00 to $13.00 in a Tuesday, May 3 research report.
Profile of Valley National Bancorp (Get an evaluation)
Valley National Bancorp operates as a holding company for Valley National Bank which provides various commercial, retail, insurance and wealth management financial services products. It operates through commercial lending, consumer lending and investment management segments. The company offers interest-free, savings, NOW, money market and term deposit accounts; commercial and industrial, commercial real estate, residential mortgages and automobile loans; loans secured by the cash value of life insurance; home equity loans and lines of credit; and other secured and unsecured consumer loans.
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