NJ State Employees Deferred Compensation Plan Purchases Shares of 50,000 Valley National Bancorp (NYSE:VLY)

NJ State Employees Deferred Compensation Plan purchased a new stake in Valley National Bancorp (NYSE:VLY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 50,000 shares of the financial services provider’s stock, valued at approximately $591,000.

A number of other hedge funds also recently bought and sold shares of the company. Great West Life Assurance Co. Can raised its stake in shares of Valley National Bancorp by 10.7% in the second quarter. Great West Life Assurance Co. Can now owns 163,982 shares of the financial services provider’s stock valued at $1,934,000 after buying an additional 15,845 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Valley National Bancorp by 7.0% in the second quarter. Janney Montgomery Scott LLC now owns 62,960 shares of the financial services provider’s stock valued at $744,000 after buying an additional 4,138 shares during the period. Strs Ohio raised its stake in shares of Valley National Bancorp by 6.0% in the second quarter. Strs Ohio now owns 26,400 shares of the financial services provider’s stock valued at $311,000 after buying an additional 1,500 shares during the period. MCF Advisors LLC acquired a new stake in shares of Valley National Bancorp during the second quarter valued at $118,000. Finally, ING Groep NV acquired a new stake in shares of Valley National Bancorp during the second quarter valued at $379,000. Institutional investors own 61.63% of the company’s stock.

Valley National Bancorp (NYSE:VLY) opened at 11.85 on Tuesday. The firm has a 50 day moving average of $11.81 and a 200-day moving average of $11.87. Valley National Bancorp has a 52 week low of $9.09 and a 52 week high of $12.82. The company has a market capitalization of $3.13 billion, a P/E ratio of 16.93 and a beta of 0.90.

Valley National Bancorp (NYSE:VLY) last posted its 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 firm had revenue of $195.79 million during the quarter, compared to analysts’ expectations of $190.83 million. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. During the same quarter in the prior year, the business earned $0.15 earnings per share. On average, analysts forecast that Valley National Bancorp will post $0.71 earnings per share for the current year.

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VLY has been the topic of several recent research reports. BidaskClub lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. Morgan Stanley reiterated an “equal weight” rating and set a $11.50 target price (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. Zacks Investment Research downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Finally, Keefe, Bruyette & Woods raised shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price target for the company in a report on Thursday, July 27th. One 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. Valley National Bancorp presently has a consensus rating of “Hold” and a consensus target price of $12.08.

In other news, Director Mary Guilfoile sold 5,140 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $11.92, for a total value of $61,268.80. Following the completion of the transaction, the director now owns 258,719 shares of the company’s stock, valued at $3,083,930.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.07% of the stock is currently owned by corporate insiders.

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.

Institutional Ownership by Quarter for Valley National Bancorp (NYSE:VLY)

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