Mutual of America Capital Management LLC Has $1.71 Million Stake in Valley National Bancorp (NASDAQ:VLY)

Mutual of America Capital Management LLC reduced its stake in Valley National Bancorp (NASDAQ:VLY) by 3.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 244,886 shares of the company’s stock after selling 9,225 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Valley National Bancorp were worth $1,709,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of Valley National Bancorp during the 2nd quarter worth approximately $38,000. EntryPoint Capital LLC acquired a new position in Valley National Bancorp during the first quarter worth $43,000. Wolverine Asset Management LLC boosted its holdings in Valley National Bancorp by 147.7% during the second quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock worth $65,000 after purchasing an additional 5,560 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Valley National Bancorp in the second quarter valued at $94,000. Finally, CIBC Asset Management Inc increased its stake in Valley National Bancorp by 22.6% in the 2nd quarter. CIBC Asset Management Inc now owns 13,708 shares of the company’s stock valued at $96,000 after buying an additional 2,529 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VLY. Royal Bank of Canada raised their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. cut their price objective on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Finally, Wedbush increased their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.56.

Valley National Bancorp Price Performance

NASDAQ:VLY opened at $8.66 on Thursday. The company has a market cap of $4.41 billion, a P/E ratio of 10.19 and a beta of 1.08. The firm’s fifty day moving average price is $8.32 and its two-hundred day moving average price is $7.69. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The company had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same quarter last year, the company posted $0.28 EPS. Equities analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, September 13th. This represents a $0.44 annualized dividend and a yield of 5.08%. Valley National Bancorp’s payout ratio is currently 51.76%.

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.