Ontario Teachers Pension Plan Board Sells 3,001 Shares of Valley National Bancorp (NASDAQ:VLY)

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

Other institutional investors also recently modified their holdings of the company. Diversified Trust Co lifted its position in Valley National Bancorp by 11.1% during the second quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock valued at $100,000 after buying an additional 1,435 shares during the period. Blue Trust Inc. boosted its holdings in Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after purchasing an additional 1,564 shares during the last quarter. GAMMA Investing LLC increased its position in Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Valley National Bancorp by 7.6% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock worth $276,000 after buying an additional 2,154 shares during the last quarter. Finally, Ignite Planners LLC boosted its stake in shares of Valley National Bancorp by 3.4% during the 3rd quarter. Ignite Planners LLC now owns 65,107 shares of the company’s stock worth $590,000 after acquiring an additional 2,170 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $10.25 on Friday. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The company’s 50 day moving average is $9.36 and its 200 day moving average is $8.21. The firm 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 quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $467.87 million. During the same period in the previous year, the company earned $0.26 earnings per share. On average, sell-side analysts anticipate that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Morgan Stanley increased their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday. Royal Bank of Canada boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Wedbush reaffirmed a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $10.50 to $11.00 in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.88.

Valley National Bancorp 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.