Municipal Employees Retirement System of Michigan lowered its position in Valley National Bancorp (NYSE:VLY) by 13.7% during the second quarter, Holdings Channel reports. The fund owned 101,840 shares of the financial services provider’s stock after selling 16,110 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Valley National Bancorp were worth $1,203,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Amalgamated Bank raised its position in shares of Valley National Bancorp by 0.3% in the first quarter. Amalgamated Bank now owns 34,972 shares of the financial services provider’s stock worth $413,000 after buying an additional 103 shares during the last quarter. Condor Capital Management raised its position in shares of Valley National Bancorp by 0.8% in the first quarter. Condor Capital Management now owns 36,509 shares of the financial services provider’s stock worth $431,000 after buying an additional 291 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Valley National Bancorp by 2.1% in the first quarter. LS Investment Advisors LLC now owns 17,867 shares of the financial services provider’s stock worth $211,000 after buying an additional 363 shares during the last quarter. World Asset Management Inc raised its position in shares of Valley National Bancorp by 4.5% in the first quarter. World Asset Management Inc now owns 16,133 shares of the financial services provider’s stock worth $190,000 after buying an additional 699 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Valley National Bancorp by 5.1% in the first quarter. Private Advisor Group LLC now owns 15,831 shares of the financial services provider’s stock worth $183,000 after buying an additional 771 shares during the last quarter. Hedge funds and other institutional investors own 61.63% of the company’s stock.

Shares of Valley National Bancorp (NYSE VLY) opened at 11.69 on Thursday. Valley National Bancorp has a 52-week low of $9.09 and a 52-week high of $12.82. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 16.70 and a beta of 0.90. The company’s 50 day moving average is $11.81 and its 200 day moving average is $11.89.

Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.18. The business had revenue of $195.79 million for the quarter, compared to analyst estimates of $190.83 million. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. During the same quarter in the prior year, the firm posted $0.15 EPS. Analysts anticipate that Valley National Bancorp will post $0.71 earnings per share for the current year.

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A number of brokerages have issued reports on VLY. Zacks Investment Research lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Piper Jaffray Companies restated a “neutral” rating and set a $13.00 target price (up previously from $12.00) on shares of Valley National Bancorp in a research report on Wednesday. BidaskClub lowered shares of Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $11.50 target price (up previously from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. Finally, Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price target on the stock in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $12.67.

In related news, Director Mary Guilfoile sold 39,495 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $11.91, for a total transaction of $470,385.45. Following the sale, the director now owns 258,719 shares of the company’s stock, valued at approximately $3,081,343.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.07% of the company’s stock.

Valley National Bancorp Company Profile

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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