162,456 Shares in Valley National Bancorp (VLY) Acquired by Laurion Capital Management LP
Laurion Capital Management LP purchased a new stake in Valley National Bancorp (NYSE:VLY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 162,456 shares of the financial services provider’s stock, valued at approximately $1,918,000. Laurion Capital Management LP owned approximately 0.06% of Valley National Bancorp as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of VLY. Visionary Asset Management Inc. acquired a new position in shares of Valley National Bancorp in the 2nd quarter worth approximately $328,000. Alliancebernstein L.P. raised its holdings in shares of Valley National Bancorp by 34.0% in the 1st quarter. Alliancebernstein L.P. now owns 522,944 shares of the financial services provider’s stock worth $6,171,000 after buying an additional 132,790 shares in the last quarter. Crawford Investment Counsel Inc. raised its holdings in shares of Valley National Bancorp by 5.1% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 196,413 shares of the financial services provider’s stock worth $2,320,000 after buying an additional 9,470 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Valley National Bancorp by 109.0% in the 1st quarter. Prudential Financial Inc. now owns 330,094 shares of the financial services provider’s stock worth $3,895,000 after buying an additional 172,120 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Valley National Bancorp by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 548,774 shares of the financial services provider’s stock worth $6,481,000 after buying an additional 11,838 shares in the last quarter. 61.88% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on VLY. BidaskClub cut Valley National Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Piper Jaffray Companies reissued a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Valley National Bancorp in a report on Wednesday, August 9th. Zacks Investment Research raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 target price for the company in a report on Monday, July 31st. Finally, Keefe, Bruyette & Woods raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 target price for the company in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $12.67.
In other news, Director Mary Guilfoile sold 39,495 shares of Valley National Bancorp stock in a transaction that occurred on Friday, August 4th. The shares were 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 directly owns 258,719 shares in the company, valued at $3,081,343.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.07% of the stock is currently owned by insiders.
Valley National Bancorp (NYSE:VLY) opened at 11.27 on Thursday. Valley National Bancorp has a one year low of $9.23 and a one year high of $12.82. The firm has a market capitalization of $2.97 billion, a PE ratio of 16.10 and a beta of 0.91. The stock has a 50 day moving average price of $11.28 and a 200-day moving average price of $11.67.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. The company had revenue of $195.79 million during the quarter, compared to the consensus estimate of $190.83 million. During the same period in the previous year, the business earned $0.15 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post $0.71 earnings per share for the current year.
The firm also recently declared a dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, September 14th. Valley National Bancorp’s payout ratio is 62.86%.
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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