Edgestream Partners L.P. Acquires Shares of 206,053 Valley National Bancorp (NASDAQ:VLY)

Edgestream Partners L.P. acquired a new stake in Valley National Bancorp (NASDAQ:VLY) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 206,053 shares of the company’s stock, valued at approximately $1,597,000.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP grew its stake in shares of Valley National Bancorp by 198.1% during the first quarter. Quarry LP now owns 3,070 shares of the company’s stock worth $28,000 after purchasing an additional 2,040 shares during the period. EverSource Wealth Advisors LLC grew its stake in Valley National Bancorp by 486.6% in the second quarter. EverSource Wealth Advisors LLC now owns 6,318 shares of the company’s stock valued at $49,000 after acquiring an additional 5,241 shares during the period. US Bancorp DE grew its stake in Valley National Bancorp by 80.8% in the second quarter. US Bancorp DE now owns 7,155 shares of the company’s stock valued at $55,000 after acquiring an additional 3,198 shares during the period. Advisors Asset Management Inc. grew its stake in Valley National Bancorp by 46.3% in the fourth quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock valued at $58,000 after acquiring an additional 1,631 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in Valley National Bancorp by 75.5% in the second quarter. Quadrant Capital Group LLC now owns 10,168 shares of the company’s stock valued at $79,000 after acquiring an additional 4,375 shares during the period. Institutional investors own 60.98% of the company’s stock.

Insider Activity

In other news, EVP Joseph Chillura sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $8.64, for a total value of $864,000.00. Following the completion of the sale, the executive vice president now directly owns 591,235 shares of the company’s stock, valued at $5,108,270.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.71% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $8.96 on Tuesday. The stock has a 50 day moving average price of $8.31 and a 200 day moving average price of $8.44. Valley National Bancorp has a 52 week low of $6.39 and a 52 week high of $12.73. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $4.55 billion, a PE ratio of 7.72 and a beta of 1.14.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.26. Valley National Bancorp had a return on equity of 9.82% and a net margin of 18.93%. The company had revenue of $871.68 million during the quarter, compared to analysts’ expectations of $471.14 million. During the same period last year, the firm posted $0.35 earnings per share. Analysts predict that Valley National Bancorp will post 1.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VLY has been the subject of a number of research analyst reports. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Monday. TheStreet upgraded Valley National Bancorp from a “c+” rating to a “b” rating in a report on Friday, August 11th. JPMorgan Chase & Co. lowered Valley National Bancorp from an “overweight” rating to a “neutral” rating and cut their price target for the company from $11.00 to $10.00 in a report on Monday, October 30th. Wedbush boosted their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, July 28th. Finally, Royal Bank of Canada cut their price target on Valley National Bancorp from $11.00 to $10.00 in a report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.56.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.