Retirement Systems of Alabama Purchases 84,482 Shares of Valley National Bancorp (VLY)

Share on StockTwits

Retirement Systems of Alabama increased its position in Valley National Bancorp (NYSE:VLY) by 24.6% in the 3rd quarter, Holdings Channel reports. The fund owned 427,641 shares of the financial services provider’s stock after purchasing an additional 84,482 shares during the period. Retirement Systems of Alabama’s holdings in Valley National Bancorp were worth $4,811,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund bought a new position in Valley National Bancorp in the 2nd quarter worth about $1,256,000. Bank of New York Mellon Corp boosted its stake in Valley National Bancorp by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,004,155 shares of the financial services provider’s stock worth $73,010,000 after purchasing an additional 191,335 shares during the period. Federated Investors Inc. PA boosted its stake in Valley National Bancorp by 15.4% in the 2nd quarter. Federated Investors Inc. PA now owns 407,032 shares of the financial services provider’s stock worth $4,949,000 after purchasing an additional 54,338 shares during the period. California Public Employees Retirement System boosted its stake in Valley National Bancorp by 8.3% in the 2nd quarter. California Public Employees Retirement System now owns 716,042 shares of the financial services provider’s stock worth $8,707,000 after purchasing an additional 54,951 shares during the period. Finally, Amalgamated Bank boosted its stake in Valley National Bancorp by 26.8% in the 2nd quarter. Amalgamated Bank now owns 46,624 shares of the financial services provider’s stock worth $567,000 after purchasing an additional 9,847 shares during the period. 55.94% of the stock is owned by institutional investors.

Several brokerages have commented on VLY. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 15th. Royal Bank of Canada reiterated a “buy” rating and set a $13.00 price target on shares of Valley National Bancorp in a research report on Friday, July 27th. Sandler O’Neill reiterated a “buy” rating and set a $14.00 price target on shares of Valley National Bancorp in a research report on Friday, July 27th. ValuEngine upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, Morgan Stanley dropped their price target on Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a research report on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $13.97.

Shares of VLY opened at $10.09 on Wednesday. Valley National Bancorp has a 12-month low of $9.32 and a 12-month high of $13.38.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). The firm had revenue of $245.84 million during the quarter, compared to analysts’ expectations of $252.55 million.

COPYRIGHT VIOLATION NOTICE: This news story was originally reported by Week Herald and is the property of of Week Herald. If you are reading this news story on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark legislation. The correct version of this news story can be read at https://weekherald.com/2018/11/07/retirement-systems-of-alabama-purchases-84482-shares-of-valley-national-bancorp-vly.html.

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: What are the Benefits of Index Funds?

Want to see what other hedge funds are holding VLY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Valley National Bancorp (NYSE:VLY).

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

Receive News & Ratings for Valley National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Valley National Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply