PNC Financial Services Group Inc. lifted its stake in Valley National Bancorp (NYSE:VLY) by 196.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,403 shares of the financial services provider’s stock after acquiring an additional 20,145 shares during the period. PNC Financial Services Group Inc.’s holdings in Valley National Bancorp were worth $358,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Visionary Asset Management Inc. purchased a new position in Valley National Bancorp during the 2nd quarter worth $328,000. Crawford Investment Counsel Inc. grew its stake in Valley National Bancorp by 5.1% during the 2nd quarter. Crawford Investment Counsel Inc. now owns 196,413 shares of the financial services provider’s stock worth $2,320,000 after buying an additional 9,470 shares during the last quarter. Rhumbline Advisers grew its stake in Valley National Bancorp by 2.2% during the 2nd quarter. Rhumbline Advisers now owns 548,774 shares of the financial services provider’s stock worth $6,481,000 after buying an additional 11,838 shares during the last quarter. Capital Advisors Inc. OK grew its stake in Valley National Bancorp by 8.5% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,138,475 shares of the financial services provider’s stock worth $13,445,000 after buying an additional 88,936 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in Valley National Bancorp by 34.0% during the 1st quarter. Alliancebernstein L.P. now owns 522,944 shares of the financial services provider’s stock worth $6,171,000 after buying an additional 132,790 shares during the last quarter. 62.32% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on VLY. BidaskClub downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday. Piper Jaffray Companies reiterated a “neutral” rating and set a $13.00 price target (up previously from $12.00) on shares of Valley National Bancorp in a research note on Wednesday, August 9th. Morgan Stanley reiterated an “equal weight” rating and set a $11.50 price target (up previously from $11.00) on shares of Valley National Bancorp in a research note on Friday, July 7th. Finally, Keefe, Bruyette & Woods upgraded 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 note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Valley National Bancorp presently has an average rating of “Hold” and an average price target of $12.67.
Valley National Bancorp (VLY) opened at 11.74 on Friday. The firm has a market cap of $3.10 billion, a PE ratio of 16.77 and a beta of 0.91. Valley National Bancorp has a one year low of $9.59 and a one year high of $12.82. The stock has a 50 day moving average price of $11.63 and a 200 day moving average price of $11.65.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The company had revenue of $193.00 million for the quarter, compared to analysts’ expectations of $195.03 million. During the same period in the prior year, the business earned $0.16 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities research analysts expect that Valley National Bancorp will post $0.71 EPS for the current year.
The firm also recently disclosed a dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were issued a $0.11 dividend. The ex-dividend date of this dividend was Thursday, September 14th. Valley National Bancorp’s dividend payout ratio is presently 64.71%.
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In other Valley National Bancorp news, Director Mary Guilfoile sold 5,140 shares of Valley National Bancorp stock in a transaction that occurred 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 sale, the director now owns 258,719 shares of the company’s stock, valued at approximately $3,083,930.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is currently owned by 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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