Valley National Bancorp Sees Unusually High Options Volume (VLY)

Valley National Bancorp (NYSE:VLY) was the target of unusually large options trading on Friday. Stock investors purchased 1,526 call options on the company. This is an increase of 1,908% compared to the typical volume of 76 call options.

In other Valley National Bancorp news, Director Peter J. Baum purchased 3,433 shares of the stock in a transaction dated Monday, January 29th. The stock was acquired at an average cost of $12.70 per share, for a total transaction of $43,599.10. Following the acquisition, the director now owns 41,086 shares in the company, valued at approximately $521,792.20. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 3.07% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Valley National Bancorp by 16.4% during the second quarter. JPMorgan Chase & Co. now owns 150,525 shares of the financial services provider’s stock worth $1,778,000 after buying an additional 21,225 shares during the period. Riverhead Capital Management LLC increased its position in Valley National Bancorp by 68.6% during the second quarter. Riverhead Capital Management LLC now owns 21,077 shares of the financial services provider’s stock worth $249,000 after buying an additional 8,577 shares during the period. TIAA CREF Investment Management LLC increased its position in Valley National Bancorp by 11.7% during the second quarter. TIAA CREF Investment Management LLC now owns 1,339,542 shares of the financial services provider’s stock worth $15,820,000 after buying an additional 139,923 shares during the period. Nationwide Fund Advisors increased its position in Valley National Bancorp by 8.7% during the second quarter. Nationwide Fund Advisors now owns 675,280 shares of the financial services provider’s stock worth $7,975,000 after buying an additional 53,937 shares during the period. Finally, Amalgamated Bank increased its position in Valley National Bancorp by 5.2% during the second quarter. Amalgamated Bank now owns 36,775 shares of the financial services provider’s stock worth $434,000 after buying an additional 1,803 shares during the period. 63.49% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have recently weighed in on VLY. Piper Jaffray Companies upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 price target for the company in a report on Friday, January 5th. Zacks Investment Research cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Hovde Group restated a “buy” rating and set a $14.00 target price on shares of Valley National Bancorp in a report on Wednesday, January 31st. Morgan Stanley raised their target price on Valley National Bancorp from $13.00 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $15.00 target price on shares of Valley National Bancorp in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. Valley National Bancorp presently has a consensus rating of “Buy” and an average price target of $13.64.

Valley National Bancorp (NYSE VLY) opened at $12.13 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $3,193.59, a PE ratio of 20.91 and a beta of 0.96. Valley National Bancorp has a 52 week low of $10.61 and a 52 week high of $12.82.

Valley National Bancorp (NYSE:VLY) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01. Valley National Bancorp had a return on equity of 8.20% and a net margin of 17.08%. The business had revenue of $199.57 million for the quarter, compared to analyst estimates of $194.26 million. During the same quarter last year, the company earned $0.19 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. sell-side analysts expect that Valley National Bancorp will post 0.88 earnings per share for the current fiscal year.

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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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