Pictet Asset Management SA grew its stake in Valley National Bancorp (NASDAQ:VLY – Get Rating) by 4.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,363 shares of the company’s stock after purchasing an additional 1,263 shares during the quarter. Pictet Asset Management SA’s holdings in Valley National Bancorp were worth $296,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new stake in shares of Valley National Bancorp in the 2nd quarter valued at $104,000. State of New Jersey Common Pension Fund D raised its position in shares of Valley National Bancorp by 8.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 194,163 shares of the company’s stock worth $2,021,000 after purchasing an additional 15,310 shares during the period. Cozad Asset Management Inc. acquired a new stake in shares of Valley National Bancorp during the third quarter worth about $1,532,000. Freestone Capital Holdings LLC acquired a new stake in shares of Valley National Bancorp during the third quarter worth about $344,000. Finally, AlphaCrest Capital Management LLC acquired a new stake in shares of Valley National Bancorp during the second quarter worth about $741,000. Institutional investors own 54.77% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on the stock. Raymond James reduced their target price on shares of Valley National Bancorp from $14.00 to $13.00 and set a “strong-buy” rating for the company in a research note on Friday, January 27th. Morgan Stanley reduced their price target on Valley National Bancorp from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, January 27th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Valley National Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, December 13th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.17.
Valley National Bancorp Stock Down 0.9 %
Valley National Bancorp (NASDAQ:VLY – Get Rating) last released its earnings results on Thursday, January 26th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Valley National Bancorp had a return on equity of 11.24% and a net margin of 26.05%. The company had revenue of $518.62 million for the quarter, compared to the consensus estimate of $529.56 million. On average, equities analysts predict that Valley National Bancorp will post 1.4 EPS for the current fiscal year.
About Valley National Bancorp
Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.
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