Valley National Bancorp (NYSE:VLY) Shares Purchased by Alberta Investment Management Corp

Alberta Investment Management Corp boosted its stake in Valley National Bancorp (NYSE:VLY) by 16.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 353,819 shares of the financial services provider’s stock after acquiring an additional 50,380 shares during the period. Alberta Investment Management Corp’s holdings in Valley National Bancorp were worth $2,586,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of VLY. Nisa Investment Advisors LLC raised its holdings in shares of Valley National Bancorp by 22.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 101,521 shares of the financial services provider’s stock worth $1,162,000 after purchasing an additional 18,880 shares during the period. First Allied Advisory Services Inc. acquired a new stake in shares of Valley National Bancorp during the fourth quarter worth $1,076,000. Amalgamated Bank raised its holdings in shares of Valley National Bancorp by 30.3% during the fourth quarter. Amalgamated Bank now owns 65,286 shares of the financial services provider’s stock worth $748,000 after purchasing an additional 15,163 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Valley National Bancorp by 12.6% during the fourth quarter. Macquarie Group Ltd. now owns 13,066,654 shares of the financial services provider’s stock worth $149,613,000 after purchasing an additional 1,460,993 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Valley National Bancorp by 30.8% during the fourth quarter. Bank of New York Mellon Corp now owns 5,626,102 shares of the financial services provider’s stock worth $64,419,000 after purchasing an additional 1,323,913 shares during the period. 55.94% of the stock is currently owned by hedge funds and other institutional investors.

VLY stock opened at $7.56 on Friday. Valley National Bancorp has a one year low of $6.00 and a one year high of $12.14. The firm has a 50-day moving average of $7.34 and a two-hundred day moving average of $9.77.

Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The firm had revenue of $306.74 million for the quarter, compared to analysts’ expectations of $286.94 million. During the same period in the prior year, the company posted $0.22 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date is Friday, June 12th.

A number of brokerages have weighed in on VLY. Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Citigroup dropped their target price on shares of Valley National Bancorp from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, March 24th. Stephens upgraded shares of Valley National Bancorp from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $12.50 to $12.00 in a research report on Tuesday, February 4th. Morgan Stanley upped their price target on shares of Valley National Bancorp from $9.00 to $9.75 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $9.69.

In related news, EVP Ronald H. Janis purchased 7,000 shares of Valley National Bancorp stock in a transaction dated Monday, March 16th. The stock was acquired at an average cost of $6.98 per share, with a total value of $48,860.00. Following the completion of the transaction, the executive vice president now directly owns 62,230 shares of the company’s stock, valued at $434,365.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer W. Steans purchased 55,000 shares of Valley National Bancorp stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $7.50 per share, with a total value of $412,500.00. Following the completion of the transaction, the director now directly owns 55,000 shares of the company’s stock, valued at $412,500. The disclosure for this purchase can be found here. Insiders bought 92,000 shares of company stock valued at $682,160 over the last three months. 3.45% of the stock is owned by insiders.

About Valley National Bancorp

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.

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Institutional Ownership by Quarter for Valley National Bancorp (NYSE:VLY)

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