Jupiter Asset Management Ltd. Buys Shares of 1,014,726 Valley National Bancorp $VLY

Jupiter Asset Management Ltd. purchased a new position in Valley National Bancorp (NASDAQ:VLY) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,014,726 shares of the company’s stock, valued at approximately $10,756,000. Jupiter Asset Management Ltd. owned 0.18% of Valley National Bancorp at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Valley National Bancorp by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock worth $2,508,000 after purchasing an additional 15,771 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of Valley National Bancorp during the first quarter valued at about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Valley National Bancorp by 21.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock worth $12,852,000 after buying an additional 255,870 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock valued at $541,000 after acquiring an additional 15,761 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in Valley National Bancorp during the second quarter valued at approximately $235,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. National Bank Financial set a $16.00 target price on shares of Valley National Bancorp in a research note on Friday, January 30th. UBS Group began coverage on shares of Valley National Bancorp in a research report on Monday, December 15th. They set a “buy” rating and a $15.00 price target for the company. Citigroup reiterated a “buy” rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. Barclays lifted their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, January 30th. Finally, Zacks Research cut Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.20.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $13.36 on Friday. The company has a market capitalization of $7.45 billion, a P/E ratio of 13.23 and a beta of 1.10. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $13.87. The company has a fifty day moving average of $12.40 and a 200-day moving average of $11.26.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The business had revenue of $541.25 million for the quarter, compared to the consensus estimate of $524.31 million. During the same quarter last year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Carlos J. Vazquez bought 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average price of $13.45 per share, for a total transaction of $33,625.00. Following the transaction, the director directly owned 4,252 shares of the company’s stock, valued at $57,189.40. This represents a 142.69% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.43% of the stock is owned by insiders.

Valley National Bancorp Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.