OppenheimerFunds Inc. Boosts Position in Valley National Bancorp (VLY)

OppenheimerFunds Inc. increased its stake in Valley National Bancorp (NYSE:VLY) by 87.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,475 shares of the financial services provider’s stock after buying an additional 10,492 shares during the period. OppenheimerFunds Inc.’s holdings in Valley National Bancorp were worth $265,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLY. Credit Agricole S A raised its position in shares of Valley National Bancorp by 212.6% in the first quarter. Credit Agricole S A now owns 22,423 shares of the financial services provider’s stock valued at $265,000 after buying an additional 15,251 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Valley National Bancorp by 1.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 117,950 shares of the financial services provider’s stock valued at $1,392,000 after buying an additional 1,450 shares in the last quarter. ClariVest Asset Management LLC bought a new position in shares of Valley National Bancorp during the first quarter valued at $4,297,000. Alliancebernstein L.P. raised its position in shares of Valley National Bancorp by 34.0% in the first quarter. Alliancebernstein L.P. now owns 522,944 shares of the financial services provider’s stock valued at $6,171,000 after buying an additional 132,790 shares in the last quarter. Finally, Asset Management One Co. Ltd. bought a new position in shares of Valley National Bancorp during the first quarter valued at $1,527,000. 61.63% of the stock is owned by institutional investors.

Shares of Valley National Bancorp (NYSE:VLY) opened at 11.31 on Friday. The company has a market capitalization of $2.99 billion, a P/E ratio of 16.16 and a beta of 0.90. The company has a 50 day moving average of $11.81 and a 200-day moving average of $11.88. Valley National Bancorp has a 12-month low of $9.15 and a 12-month high of $12.82.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $190.83 million. During the same period in the prior year, the company posted $0.15 EPS. On average, equities analysts anticipate that Valley National Bancorp will post $0.71 EPS for the current fiscal year.

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VLY has been the subject of several research reports. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $13.00 price target (up from $12.00) on shares of Valley National Bancorp in a report on Wednesday. Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub downgraded shares of Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Hovde Group upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price objective on the stock in a research report on Monday, July 31st. Finally, Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price objective on the stock in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $12.67.

In other Valley National Bancorp news, Director Mary Guilfoile sold 5,140 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $11.92, for a total transaction of $61,268.80. Following the transaction, the director now directly owns 258,719 shares in the company, valued at approximately $3,083,930.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.07% of the company’s stock.

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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