Valley National Bancorp (VLY) Stake Raised by OppenheimerFunds Inc.

OppenheimerFunds Inc. boosted its position in shares of 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 firm 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 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in VLY. Retirement Systems of Alabama raised its stake in shares of Valley National Bancorp by 3.6% in the first quarter. Retirement Systems of Alabama now owns 340,619 shares of the financial services provider’s stock worth $4,019,000 after buying an additional 11,932 shares during the last quarter. American Economic Planning Group Inc. ADV purchased a new stake in shares of Valley National Bancorp during the first quarter worth about $198,000. Quantitative Systematic Strategies LLC raised its stake in shares of Valley National Bancorp by 877.8% in the first quarter. Quantitative Systematic Strategies LLC now owns 102,354 shares of the financial services provider’s stock worth $1,207,000 after buying an additional 91,886 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Valley National Bancorp by 1.4% in the first quarter. Nisa Investment Advisors LLC now owns 120,441 shares of the financial services provider’s stock worth $1,421,000 after buying an additional 1,700 shares during the last quarter. Finally, Boston Advisors LLC purchased a new stake in shares of Valley National Bancorp during the first quarter worth about $7,757,000. Hedge funds and other institutional investors own 62.47% of the company’s stock.

Valley National Bancorp (NYSE:VLY) traded up 0.45% during mid-day trading on Friday, reaching $11.12. The company’s stock had a trading volume of 1,843,986 shares. Valley National Bancorp has a 52 week low of $9.23 and a 52 week high of $12.82. The company’s 50-day moving average price is $11.77 and its 200 day moving average price is $11.86. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 15.89 and a beta of 0.90.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $190.83 million. During the same quarter last year, the company posted $0.15 EPS. On average, equities analysts forecast that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.

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A number of analysts recently issued reports on the company. Zacks Investment Research lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $11.50 price target (up previously from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. BidaskClub lowered Valley National Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Piper Jaffray Companies reiterated a “neutral” rating and issued a $13.00 price target (up previously from $12.00) on shares of Valley National Bancorp in a report on Wednesday, August 9th. Finally, Hovde Group upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price target for the company in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $12.67.

In other Valley National Bancorp news, Director Mary Guilfoile sold 5,140 shares of the firm’s stock in a transaction that occurred on 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 approximately $3,083,930.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company 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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