ING Groep NV Buys Shares of 32,096 Valley National Bancorp (VLY)
ING Groep NV bought a new position in shares of Valley National Bancorp (NYSE:VLY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 32,096 shares of the financial services provider’s stock, valued at approximately $379,000.
A number of other large investors have also added to or reduced their stakes in VLY. Capital Fund Management S.A. acquired a new stake in Valley National Bancorp during the first quarter worth approximately $138,000. Two Sigma Securities LLC acquired a new stake in Valley National Bancorp during the first quarter worth approximately $158,000. Creative Planning increased its stake in Valley National Bancorp by 8.1% in the second quarter. Creative Planning now owns 13,841 shares of the financial services provider’s stock worth $163,000 after buying an additional 1,041 shares during the period. Parametrica Management Ltd acquired a new stake in Valley National Bancorp during the second quarter worth approximately $166,000. Finally, Gotham Asset Management LLC acquired a new stake in Valley National Bancorp during the first quarter worth approximately $172,000. 61.63% of the stock is owned by institutional investors.
Valley National Bancorp (NYSE VLY) traded up 0.549% during mid-day trading on Tuesday, reaching $11.915. The company had a trading volume of 843,628 shares. The firm has a market capitalization of $3.15 billion, a P/E ratio of 17.021 and a beta of 0.90. The stock’s 50-day moving average is $11.81 and its 200 day moving average is $11.87. Valley National Bancorp has a 12 month low of $9.09 and a 12 month high of $12.82.
Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. The business had revenue of $195.79 million during the quarter, compared to analyst estimates of $190.83 million. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. During the same quarter in the prior year, the firm posted $0.15 earnings per share. On average, analysts predict that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.
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A number of research firms have commented on VLY. Wedbush reissued a “neutral” rating and issued a $12.00 target price on shares of Valley National Bancorp in a report on Tuesday, June 27th. BidaskClub raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price target for the company in a research note on Monday, July 31st. Finally, Keefe, Bruyette & Woods raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price target for the company in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.08.
In other news, Director Mary Guilfoile sold 5,140 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $11.92, for a total value of $61,268.80. Following the completion of the sale, the director now owns 258,719 shares in the company, valued at $3,083,930.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.07% of the company’s stock.
About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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