State Treasurer State of Michigan Acquires 25,000 Shares of Valley National Bancorp (VLY)

State Treasurer State of Michigan grew its holdings in shares of Valley National Bancorp (NYSE:VLY) by 25.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 122,614 shares of the financial services provider’s stock after purchasing an additional 25,000 shares during the period. State Treasurer State of Michigan’s holdings in Valley National Bancorp were worth $1,379,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Oakbrook Investments LLC purchased a new position in shares of Valley National Bancorp during the second quarter valued at approximately $123,000. IMS Capital Management purchased a new position in shares of Valley National Bancorp during the second quarter valued at approximately $136,000. Oliver Luxxe Assets LLC purchased a new position in shares of Valley National Bancorp during the third quarter valued at approximately $138,000. Natixis purchased a new position in shares of Valley National Bancorp during the second quarter valued at approximately $140,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Valley National Bancorp during the second quarter valued at approximately $155,000. Hedge funds and other institutional investors own 55.94% of the company’s stock.

VLY has been the subject of several recent research reports. Zacks Investment Research lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. ValuEngine lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Sandler O’Neill reiterated a “buy” rating and set a $14.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Morgan Stanley lowered their target price on shares of Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $13.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $13.97.

Shares of VLY opened at $10.02 on Friday. The company has a market cap of $3.73 billion, a P/E ratio of 14.52 and a beta of 0.88. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.70. Valley National Bancorp has a twelve month low of $9.32 and a twelve month high of $13.38.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). The firm had revenue of $245.84 million for the quarter, compared to the consensus estimate of $252.55 million. Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%. On average, sell-side analysts anticipate that Valley National Bancorp will post 0.85 EPS for the current fiscal year.

Valley National Bancorp Profile

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.

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Institutional Ownership by Quarter for Valley National Bancorp (NYSE:VLY)

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