Bank of Montreal Can reduced its position in Valley National Bancorp (NYSE:VLY) by 92.2% in the fourth quarter, HoldingsChannel reports. The firm owned 16,534 shares of the financial services provider’s stock after selling 196,592 shares during the quarter. Bank of Montreal Can’s holdings in Valley National Bancorp were worth $185,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. CIBC Asset Management Inc purchased a new position in shares of Valley National Bancorp in the 3rd quarter worth about $126,000. Csenge Advisory Group purchased a new position in shares of Valley National Bancorp in the 3rd quarter worth about $145,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Valley National Bancorp in the 2nd quarter worth about $168,000. Crossmark Global Holdings Inc. purchased a new position in shares of Valley National Bancorp in the 3rd quarter worth about $207,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Valley National Bancorp in the 3rd quarter worth about $253,000. Hedge funds and other institutional investors own 63.83% of the company’s stock.
In related news, Director Peter J. Baum bought 3,433 shares of the stock in a transaction dated Monday, January 29th. The stock was bought at an average price of $12.70 per share, with a total value of $43,599.10. Following the purchase, the director now owns 41,086 shares in the company, valued at approximately $521,792.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.07% of the company’s stock.
Valley National Bancorp (NYSE:VLY) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. Valley National Bancorp had a return on equity of 8.20% and a net margin of 17.08%. The company had revenue of $199.57 million during the quarter, compared to analyst estimates of $194.26 million. During the same quarter in the previous year, the company posted $0.19 EPS. Valley National Bancorp’s revenue for the quarter was up 1.3% on a year-over-year basis. analysts expect that Valley National Bancorp will post 0.88 earnings per share for the current year.
A number of equities analysts have recently issued reports on VLY shares. Zacks Investment Research cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, December 6th. Royal Bank of Canada started coverage on Valley National Bancorp in a report on Thursday, December 21st. They issued an “outperform” rating and a $14.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $15.00 price objective on shares of Valley National Bancorp in a report on Friday, December 22nd. Piper Jaffray Companies upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 price objective for the company in a report on Friday, January 5th. Finally, Hovde Group reiterated a “buy” rating and issued a $14.00 price objective on shares of Valley National Bancorp in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $13.64.
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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.
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