Valley National Bancorp (NYSE:VLY) Reaches New 1-Year High at $11.93

Valley National Bancorp (NYSE:VLY)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $11.93 and last traded at $11.90, with a volume of 67253 shares changing hands. The stock had previously closed at $11.62.

VLY has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. Stephens initiated coverage on shares of Valley National Bancorp in a report on Monday. They issued an “equal weight” rating for the company. Royal Bank of Canada initiated coverage on shares of Valley National Bancorp in a report on Friday, October 11th. They issued an “outperform” rating and a $13.00 price target for the company. Finally, Morgan Stanley lowered their price target on shares of Valley National Bancorp from $11.50 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $11.33.

The stock’s fifty day moving average is $11.10 and its 200 day moving average is $10.60.

Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.01. The firm had revenue of $261.78 million during the quarter, compared to analysts’ expectations of $251.00 million. During the same period last year, the company earned $0.21 earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date was Thursday, September 12th.

In related news, Director Gerald H. Lipkin sold 16,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.22, for a total value of $179,520.00. Following the sale, the director now directly owns 192,598 shares of the company’s stock, valued at approximately $2,160,949.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.45% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Macquarie Group Ltd. raised its position in Valley National Bancorp by 2.8% in the 2nd quarter. Macquarie Group Ltd. now owns 11,658,549 shares of the financial services provider’s stock worth $125,679,000 after purchasing an additional 321,857 shares during the period. Nuance Investments LLC increased its position in shares of Valley National Bancorp by 31.7% during the second quarter. Nuance Investments LLC now owns 7,366,774 shares of the financial services provider’s stock worth $79,487,000 after acquiring an additional 1,772,513 shares during the period. Northern Trust Corp increased its position in shares of Valley National Bancorp by 7.7% during the second quarter. Northern Trust Corp now owns 6,605,462 shares of the financial services provider’s stock worth $71,207,000 after acquiring an additional 472,920 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Valley National Bancorp by 1.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,591,654 shares of the financial services provider’s stock worth $27,939,000 after acquiring an additional 41,371 shares during the period. Finally, Crawford Investment Counsel Inc. increased its position in shares of Valley National Bancorp by 3.0% during the second quarter. Crawford Investment Counsel Inc. now owns 2,110,382 shares of the financial services provider’s stock worth $22,750,000 after acquiring an additional 61,958 shares during the period. 55.94% of the stock is currently owned by institutional investors.

About Valley National Bancorp (NYSE:VLY)

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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