Gradient Investments LLC Raises Holdings in Valley National Bancorp (VLY)
Gradient Investments LLC raised its position in Valley National Bancorp (NYSE:VLY) by 8.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 642,660 shares of the financial services provider’s stock after buying an additional 49,486 shares during the quarter. Gradient Investments LLC’s holdings in Valley National Bancorp were worth $7,211,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of VLY. Advisor Group Inc. grew its holdings in shares of Valley National Bancorp by 26.2% during the 2nd quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 2,031 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Valley National Bancorp during the 3rd quarter worth $126,000. Csenge Advisory Group acquired a new stake in shares of Valley National Bancorp during the 3rd quarter worth $145,000. Eqis Capital Management Inc. acquired a new stake in shares of Valley National Bancorp during the 3rd quarter worth $151,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Valley National Bancorp during the 2nd quarter worth $168,000. 63.49% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Peter J. Baum acquired 3,433 shares of the stock in a transaction dated Monday, January 29th. The stock was bought at an average cost of $12.70 per share, for a total transaction of $43,599.10. Following the completion of the transaction, the director now directly owns 41,086 shares of the company’s stock, valued at $521,792.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is owned by company insiders.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. The firm had revenue of $199.57 million during the quarter, compared to the consensus estimate of $194.26 million. Valley National Bancorp had a return on equity of 8.20% and a net margin of 17.08%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the company earned $0.19 earnings per share. equities research analysts anticipate that Valley National Bancorp will post 0.88 EPS for the current fiscal year.
VLY has been the topic of several research analyst reports. Hovde Group reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Valley National Bancorp in a research note on Wednesday, January 31st. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Valley National Bancorp in a research note on Monday, January 29th. Morgan Stanley raised their price objective on Valley National Bancorp from $13.00 to $13.50 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Valley National Bancorp in a research note on Friday, December 22nd. Finally, Zacks Investment Research lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, December 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $13.64.
Valley National Bancorp Company Profile
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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