Janney Montgomery Scott LLC Boosts Position in Valley National Bancorp (VLY)
Janney Montgomery Scott LLC boosted its position in shares of Valley National Bancorp (NYSE:VLY) by 7.0% during the second quarter, Holdings Channel reports. The institutional investor owned 62,960 shares of the financial services provider’s stock after buying an additional 4,138 shares during the period. Janney Montgomery Scott LLC’s holdings in Valley National Bancorp were worth $744,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in VLY. MCF Advisors LLC purchased a new stake in Valley National Bancorp during the second quarter worth about $118,000. Capital Fund Management S.A. purchased a new stake in Valley National Bancorp during the first quarter worth about $138,000. Two Sigma Securities LLC purchased a new stake in Valley National Bancorp during the first quarter worth about $158,000. Creative Planning boosted 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 in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in Valley National Bancorp during the second quarter worth about $166,000. Institutional investors and hedge funds own 62.47% of the company’s stock.
Shares of Valley National Bancorp (NYSE VLY) opened at 11.49 on Wednesday. The company has a market capitalization of $3.03 billion, a PE ratio of 16.41 and a beta of 0.90. Valley National Bancorp has a 12 month low of $9.09 and a 12 month high of $12.82. The firm has a 50-day moving average price of $11.81 and a 200-day moving average price of $11.88.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The firm had revenue of $195.79 million for the quarter, compared to analyst estimates of $190.83 million. During the same quarter last year, the company earned $0.15 EPS. On average, equities research analysts predict that Valley National Bancorp will post $0.71 EPS for the current year.
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VLY has been the topic of a number of research reports. ValuEngine upgraded Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. Morgan Stanley restated an “equal weight” rating and set a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. BidaskClub upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $13.00 price objective (up from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. One research 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’s stock. Valley National Bancorp currently has an average rating of “Hold” and an average target price of $12.67.
In other Valley National Bancorp news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $11.91, for a total transaction of $470,385.45. Following the transaction, the director now owns 258,719 shares in the company, valued at approximately $3,081,343.29. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.07% of the stock is owned by company insiders.
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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