Peregrine Capital Management LLC boosted its stake in shares of Valley National Bancorp (NYSE:VLY) by 1.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 685,023 shares of the financial services provider’s stock after purchasing an additional 9,893 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.17% of Valley National Bancorp worth $5,357,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in VLY. Sunbelt Securities Inc. acquired a new position in Valley National Bancorp during the 4th quarter worth $2,891,000. Global Retirement Partners LLC acquired a new position in Valley National Bancorp during the 2nd quarter worth $27,000. Parallel Advisors LLC boosted its position in Valley National Bancorp by 840.2% during the 2nd quarter. Parallel Advisors LLC now owns 3,648 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 3,260 shares during the period. Wealth Quarterback LLC boosted its position in Valley National Bancorp by 370.9% during the 1st quarter. Wealth Quarterback LLC now owns 9,709 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 7,647 shares during the period. Finally, Altium Wealth Management LLC acquired a new position in Valley National Bancorp during the 1st quarter worth $76,000. Institutional investors and hedge funds own 55.94% of the company’s stock.
In other Valley National Bancorp news, EVP Joseph Chillura sold 45,972 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $9.34, for a total value of $429,378.48. Following the transaction, the executive vice president now directly owns 691,256 shares in the company, valued at approximately $6,456,331.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kevin J. Lynch acquired 6,350 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was purchased at an average price of $9.47 per share, for a total transaction of $60,134.50. The disclosure for this purchase can be found here. 3.45% of the stock is owned by corporate insiders.
Shares of Valley National Bancorp stock opened at $7.47 on Friday. The stock’s fifty day moving average is $7.50 and its 200-day moving average is $8.43. Valley National Bancorp has a 12-month low of $6.00 and a 12-month high of $12.14.
Valley National Bancorp (NYSE:VLY) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $327.39 million during the quarter, compared to analysts’ expectations of $306.74 million. During the same quarter last year, the firm earned $0.23 EPS.
A number of analysts have recently commented on VLY shares. Royal Bank of Canada reissued a “buy” rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research note on Monday, July 20th. Citigroup downgraded Valley National Bancorp from a “neutral” rating to a “sell” rating and set a $7.00 price objective on the stock. in a research note on Wednesday, June 17th. Zacks Investment Research downgraded Valley National Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, July 16th. Finally, Morgan Stanley boosted their price objective on Valley National Bancorp from $9.75 to $10.50 and gave the stock an “equal weight” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $10.10.
Valley National Bancorp Profile
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.
Further Reading: Ex-Dividend
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