Pinnacle Associates Ltd. Buys 225 Shares of Valley National Bancorp (NYSE:VLY)

Pinnacle Associates Ltd. increased its position in shares of Valley National Bancorp (NYSE:VLY) by 0.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,914 shares of the financial services provider’s stock after acquiring an additional 225 shares during the period. Pinnacle Associates Ltd.’s holdings in Valley National Bancorp were worth $767,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Swiss National Bank grew its holdings in Valley National Bancorp by 10.3% during the second quarter. Swiss National Bank now owns 439,200 shares of the financial services provider’s stock worth $5,187,000 after acquiring an additional 41,000 shares during the period. Chicago Equity Partners LLC grew its holdings in Valley National Bancorp by 3.3% during the second quarter. Chicago Equity Partners LLC now owns 522,435 shares of the financial services provider’s stock worth $6,170,000 after acquiring an additional 16,900 shares during the period. Crawford Investment Counsel Inc. grew its holdings in Valley National Bancorp by 5.1% during the second quarter. Crawford Investment Counsel Inc. now owns 196,413 shares of the financial services provider’s stock worth $2,320,000 after acquiring an additional 9,470 shares during the period. Principal Financial Group Inc. grew its holdings in Valley National Bancorp by 4.5% during the second quarter. Principal Financial Group Inc. now owns 1,131,073 shares of the financial services provider’s stock worth $13,358,000 after acquiring an additional 48,620 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Valley National Bancorp by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock worth $108,000 after acquiring an additional 817 shares during the period. 61.88% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Mary Guilfoile sold 39,495 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $11.91, for a total transaction of $470,385.45. Following the completion of the transaction, the director now directly owns 258,719 shares in the company, valued at $3,081,343.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.07% of the stock is currently owned by company insiders.

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A number of brokerages recently weighed in on VLY. Zacks Investment Research cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. BidaskClub cut Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Morgan Stanley reissued an “equal weight” rating and issued a $11.50 price target (up previously from $11.00) on shares of Valley National Bancorp in a research note on Friday, July 7th. Keefe, Bruyette & Woods raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price target on the stock in a research note on Thursday, July 27th. Finally, ValuEngine raised Valley National Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, June 6th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $12.67.

Shares of Valley National Bancorp (NYSE:VLY) opened at 11.39 on Friday. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 16.27 and a beta of 0.91. The stock’s 50 day moving average price is $11.28 and its 200 day moving average price is $11.67. Valley National Bancorp has a one year low of $9.23 and a one year high of $12.82.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $195.79 million during the quarter, compared to the consensus estimate of $190.83 million. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. During the same period in the prior year, the company earned $0.15 earnings per share. Analysts expect that Valley National Bancorp will post $0.71 EPS for the current fiscal year.

The company also recently disclosed a dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, September 14th. Valley National Bancorp’s payout ratio is presently 62.86%.

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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