NJ State Employees Deferred Compensation Plan purchased a new stake in Valley National Bancorp (NYSE:VLY) during the second quarter, Holdings Channel reports. The firm purchased 50,000 shares of the financial services provider’s stock, valued at approximately $591,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VLY. MCF Advisors LLC acquired a new stake in Valley National Bancorp during the second quarter valued at about $118,000. Capital Fund Management S.A. acquired a new stake in Valley National Bancorp during the first quarter valued at about $138,000. Two Sigma Securities LLC acquired a new stake in Valley National Bancorp during the first quarter valued at about $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 valued at $163,000 after buying an additional 1,041 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new stake in Valley National Bancorp during the second quarter valued at about $166,000. Hedge funds and other institutional investors own 61.63% of the company’s stock.

Shares of Valley National Bancorp (VLY) opened at 11.85 on Tuesday. The company has a market capitalization of $3.13 billion, a PE ratio of 16.93 and a beta of 0.90. The stock’s 50 day moving average price is $11.81 and its 200-day moving average price is $11.87. Valley National Bancorp has a 1-year low of $9.09 and a 1-year high of $12.82.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The company had revenue of $195.79 million for the quarter, compared to analysts’ expectations of $190.83 million. During the same period last year, the firm posted $0.15 earnings per share. On average, equities analysts predict that Valley National Bancorp will post $0.71 EPS for the current year.

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Several analysts recently issued reports on VLY shares. BidaskClub downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, June 6th. Morgan Stanley reaffirmed an “equal weight” rating and set a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. Zacks Investment Research downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Finally, Keefe, Bruyette & Woods raised shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price objective on the stock in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. Valley National Bancorp has a consensus rating of “Hold” and an average price target of $12.08.

In related news, Director Mary Guilfoile sold 5,140 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $11.92, for a total transaction of $61,268.80. Following the sale, the director now directly owns 258,719 shares of the company’s stock, valued at $3,083,930.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company 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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Institutional Ownership by Quarter for Valley National Bancorp (NYSE:VLY)

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