Valley National Bancorp (NYSE:VLY) Hits New 1-Year High at $12.07

Valley National Bancorp (NYSE:VLY) reached a new 52-week high during trading on Tuesday . The company traded as high as $12.07 and last traded at $12.06, with a volume of 41223 shares traded. The stock had previously closed at $11.90.

A number of analysts recently commented on VLY shares. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, October 26th. Stephens assumed coverage on shares of Valley National Bancorp in a report on Monday, October 28th. They set an “equal weight” rating on the stock. Royal Bank of Canada assumed coverage on shares of Valley National Bancorp in a report on Friday, October 11th. They set an “outperform” rating and a $13.00 price target on the stock. Finally, Morgan Stanley cut their price target on shares of Valley National Bancorp from $11.50 to $11.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Valley National Bancorp currently has an average rating of “Hold” and an average target price of $11.33.

The stock’s fifty day moving average price is $11.25 and its 200-day moving average price is $10.67.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.01. The firm had revenue of $261.78 million for the quarter, compared to analyst estimates of $251.00 million. During the same quarter in the prior year, the firm earned $0.21 EPS.

In other news, Director Gerald H. Lipkin sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.22, for a total transaction of $179,520.00. Following the sale, the director now owns 192,598 shares in the company, valued at $2,160,949.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.45% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its holdings in shares of Valley National Bancorp by 84.6% during the second quarter. Advisory Services Network LLC now owns 2,622 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 1,202 shares during the period. Oakworth Capital Inc. acquired a new position in Valley National Bancorp in the 2nd quarter valued at approximately $48,000. AGF Investments LLC increased its stake in Valley National Bancorp by 619.6% in the 2nd quarter. AGF Investments LLC now owns 5,728 shares of the financial services provider’s stock valued at $62,000 after buying an additional 4,932 shares during the period. Prestige Wealth Management Group LLC acquired a new position in Valley National Bancorp in the 2nd quarter valued at approximately $69,000. Finally, Meeder Asset Management Inc. acquired a new position in Valley National Bancorp in the 3rd quarter valued at approximately $75,000. Institutional investors and hedge funds own 55.94% of the company’s stock.

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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