Edgestream Partners L.P. Takes $1.60 Million Position in Valley National Bancorp (NASDAQ:VLY)

Edgestream Partners L.P. bought a new stake in shares of Valley National Bancorp (NASDAQ:VLY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 206,053 shares of the company’s stock, valued at approximately $1,597,000.

A number of other hedge funds have also recently modified their holdings of the business. Commonwealth Equity Services LLC boosted its holdings in shares of Valley National Bancorp by 17.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 307,531 shares of the company’s stock valued at $2,383,000 after buying an additional 45,482 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Valley National Bancorp by 50.7% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 280,916 shares of the company’s stock worth $2,177,000 after purchasing an additional 94,480 shares in the last quarter. Wealth Quarterback LLC boosted its stake in Valley National Bancorp by 27.7% in the 2nd quarter. Wealth Quarterback LLC now owns 13,148 shares of the company’s stock worth $102,000 after purchasing an additional 2,850 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Valley National Bancorp by 75.5% in the 2nd quarter. Quadrant Capital Group LLC now owns 10,168 shares of the company’s stock worth $79,000 after purchasing an additional 4,375 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Valley National Bancorp by 74.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 694,084 shares of the company’s stock worth $5,379,000 after purchasing an additional 295,705 shares in the last quarter. Institutional investors own 60.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VLY. JPMorgan Chase & Co. cut shares of Valley National Bancorp from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $11.00 to $10.00 in a research note on Monday, October 30th. Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a research report on Tuesday, September 5th. Morgan Stanley lowered Valley National Bancorp from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $8.00 to $8.50 in a research report on Wednesday, September 27th. TheStreet raised Valley National Bancorp from a “c+” rating to a “b” rating in a research report on Friday, August 11th. Finally, Royal Bank of Canada decreased their target price on Valley National Bancorp from $11.00 to $10.00 in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $10.56.

Valley National Bancorp Price Performance

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

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. Valley National Bancorp had a net margin of 18.93% and a return on equity of 9.82%. The firm had revenue of $871.68 million during the quarter, compared to analyst estimates of $471.14 million. During the same quarter in the prior year, the firm earned $0.35 EPS. Equities research analysts anticipate that Valley National Bancorp will post 1.08 earnings per share for the current year.

Insider Activity

In related news, EVP Joseph Chillura sold 100,000 shares of the business’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 transaction of $864,000.00. Following the completion of the transaction, the executive vice president now directly owns 591,235 shares in the company, valued at approximately $5,108,270.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.71% of the company’s stock.

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.