Benin Management CORP decreased its stake in shares of Valley National Bancorp (NYSE:VLY) by 31.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,566 shares of the financial services provider’s stock after selling 17,500 shares during the period. Benin Management CORP’s holdings in Valley National Bancorp were worth $456,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in VLY. BlackRock Inc. raised its stake in shares of Valley National Bancorp by 9,915.0% in the first quarter. BlackRock Inc. now owns 31,310,183 shares of the financial services provider’s stock valued at $369,461,000 after buying an additional 30,997,551 shares during the period. American Century Companies Inc. raised its stake in shares of Valley National Bancorp by 4,614.0% in the first quarter. American Century Companies Inc. now owns 4,280,342 shares of the financial services provider’s stock valued at $50,508,000 after buying an additional 4,189,541 shares during the period. Norges Bank purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at $27,167,000. Vanguard Group Inc. raised its stake in shares of Valley National Bancorp by 8.2% in the first quarter. Vanguard Group Inc. now owns 21,432,081 shares of the financial services provider’s stock valued at $252,898,000 after buying an additional 1,630,803 shares during the period. Finally, State Street Corp raised its stake in shares of Valley National Bancorp by 12.2% in the first quarter. State Street Corp now owns 14,739,234 shares of the financial services provider’s stock valued at $173,924,000 after buying an additional 1,598,627 shares during the period. 61.63% of the stock is owned by hedge funds and other institutional investors.
Valley National Bancorp (NYSE VLY) opened at 11.31 on Friday. Valley National Bancorp has a 52 week low of $9.15 and a 52 week high of $12.82. The firm has a 50-day moving average price of $11.81 and a 200 day moving average price of $11.88. The company has a market cap of $2.99 billion, a P/E ratio of 16.16 and a beta of 0.90.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $195.79 million during the quarter, compared to analysts’ expectations of $190.83 million. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. During the same quarter in the prior year, the business posted $0.15 earnings per share. Analysts expect that Valley National Bancorp will post $0.71 EPS for the current fiscal year.
Several equities research analysts recently weighed in on the company. Zacks Investment Research lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Morgan Stanley reissued an “equal weight” rating and issued a $11.50 price objective (up previously from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. BidaskClub lowered Valley National Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Piper Jaffray Companies reissued a “neutral” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Valley National Bancorp in a report on Wednesday. Finally, Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price objective for the company in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $12.67.
In other Valley National Bancorp news, Director Mary Guilfoile sold 39,495 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $11.91, for a total value of $470,385.45. Following the completion of the sale, the director now owns 258,719 shares in the company, valued at $3,081,343.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.07% of the company’s stock.
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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