Bank of Montreal Can bought a new position in Valley National Bancorp (NASDAQ:VLY – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 41,749 shares of the company’s stock, valued at approximately $352,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP boosted its position in Valley National Bancorp by 198.1% in the first quarter. Quarry LP now owns 3,070 shares of the company’s stock worth $28,000 after purchasing an additional 2,040 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Valley National Bancorp by 46.3% in the fourth quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock worth $58,000 after purchasing an additional 1,631 shares during the last quarter. Covestor Ltd lifted its position in shares of Valley National Bancorp by 73.0% during the 1st quarter. Covestor Ltd now owns 6,213 shares of the company’s stock valued at $81,000 after buying an additional 2,622 shares during the last quarter. Advisory Services Network LLC lifted its position in shares of Valley National Bancorp by 24.4% during the 1st quarter. Advisory Services Network LLC now owns 8,665 shares of the company’s stock valued at $80,000 after buying an additional 1,700 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Valley National Bancorp by 222.5% during the 1st quarter. Bessemer Group Inc. now owns 9,331 shares of the company’s stock valued at $86,000 after buying an additional 6,438 shares during the last quarter. Institutional investors own 60.98% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on VLY shares. Hovde Group upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $11.50 price objective on the stock in a research note on Tuesday, September 5th. TheStreet raised Valley National Bancorp from a “c+” rating to a “b” rating in a research report on Friday, August 11th. Piper Sandler reduced their target price on Valley National Bancorp from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Monday, October 30th. Morgan Stanley downgraded Valley National Bancorp from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $8.00 to $8.50 in a research note on Wednesday, September 27th. Finally, StockNews.com upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, November 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.56.
Insiders Place Their Bets
In other news, EVP Joseph Chillura sold 100,000 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $8.64, for a total transaction of $864,000.00. Following the transaction, the executive vice president now directly owns 591,235 shares of the company’s stock, valued at $5,108,270.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.71% of the stock is owned by company insiders.
Valley National Bancorp Trading Up 3.4 %
Shares of VLY stock opened at $8.93 on Monday. Valley National Bancorp has a 12-month low of $6.39 and a 12-month high of $12.73. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. The stock’s 50-day moving average price is $8.32 and its 200-day moving average price is $8.43. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 7.70 and a beta of 1.14.
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last announced its earnings results on Thursday, October 26th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. The business had revenue of $871.68 million during the quarter, compared to analyst estimates of $471.14 million. Valley National Bancorp had a return on equity of 9.82% and a net margin of 18.93%. During the same quarter in the previous year, the business earned $0.35 earnings per share. Equities research analysts predict that Valley National Bancorp will post 1.08 EPS for the current fiscal year.
Valley National Bancorp Company Profile
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.
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