Veritable L.P. Sells 3,958 Shares of Valley National Bancorp (NASDAQ:VLY)

Veritable L.P. lessened its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 23.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,623 shares of the company’s stock after selling 3,958 shares during the quarter. Veritable L.P.’s holdings in Valley National Bancorp were worth $98,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio raised its position in Valley National Bancorp by 5.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 14,630 shares of the company’s stock valued at $158,000 after purchasing an additional 818 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Valley National Bancorp by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 111,227 shares of the company’s stock valued at $1,201,000 after purchasing an additional 978 shares during the last quarter. Bank of Montreal Can raised its position in Valley National Bancorp by 2.1% in the 1st quarter. Bank of Montreal Can now owns 47,828 shares of the company’s stock valued at $630,000 after purchasing an additional 989 shares during the last quarter. Metropolitan Life Insurance Co NY raised its position in Valley National Bancorp by 3.8% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 26,971 shares of the company’s stock valued at $305,000 after purchasing an additional 996 shares during the last quarter. Finally, Cerity Partners LLC raised its position in Valley National Bancorp by 0.7% in the 4th quarter. Cerity Partners LLC now owns 144,288 shares of the company’s stock valued at $1,632,000 after purchasing an additional 1,063 shares during the last quarter. Institutional investors own 60.98% of the company’s stock.

Valley National Bancorp Stock Up 0.3 %

Shares of Valley National Bancorp stock opened at $8.96 on Tuesday. Valley National Bancorp has a 1 year low of $6.39 and a 1 year high of $12.73. The business has a 50-day moving average of $8.31 and a two-hundred day moving average of $8.44. The company has a market capitalization of $4.55 billion, a P/E ratio of 7.72 and a beta of 1.14. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. Valley National Bancorp had a return on equity of 9.82% and a net margin of 18.93%. The company had revenue of $871.68 million during the quarter, compared to the consensus estimate of $471.14 million. During the same period in the prior year, the company earned $0.35 earnings per share. As a group, equities analysts predict that Valley National Bancorp will post 1.08 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. cut Valley National Bancorp from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $11.00 to $10.00 in a research note on Monday, October 30th. Morgan Stanley cut Valley National Bancorp from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $8.00 to $8.50 in a research note on Wednesday, September 27th. Piper Sandler lowered their target price on Valley National Bancorp from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Monday, October 30th. Wedbush lifted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, July 28th. Finally, StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.56.

Insider Transactions at Valley National Bancorp

In other news, EVP Joseph Chillura sold 100,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $8.64, for a total transaction of $864,000.00. Following the completion of the transaction, the executive vice president now directly owns 591,235 shares of the company’s stock, valued at $5,108,270.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.71% of the stock is owned by insiders.

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.