Bank of New York Mellon Corp lowered its position in shares of Valley National Bancorp (NYSE:VLY) by 28.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 4,305,802 shares of the financial services provider’s stock after selling 1,698,353 shares during the quarter. Bank of New York Mellon Corp owned about 1.30% of Valley National Bancorp worth $48,441,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. GSA Capital Partners LLP bought a new stake in shares of Valley National Bancorp in the second quarter valued at about $155,000. Oregon Public Employees Retirement Fund bought a new stake in shares of Valley National Bancorp in the second quarter valued at about $1,256,000. Voya Investment Management LLC boosted its position in shares of Valley National Bancorp by 9.6% in the second quarter. Voya Investment Management LLC now owns 116,928 shares of the financial services provider’s stock valued at $1,422,000 after acquiring an additional 10,239 shares during the period. Natixis bought a new stake in shares of Valley National Bancorp in the second quarter valued at about $140,000. Finally, Bank of America Corp DE boosted its position in shares of Valley National Bancorp by 6.8% in the second quarter. Bank of America Corp DE now owns 1,157,134 shares of the financial services provider’s stock valued at $14,071,000 after acquiring an additional 73,803 shares during the period. 55.94% of the stock is owned by institutional investors.
VLY has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Saturday, January 5th. ValuEngine cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, TheStreet cut shares of Valley National Bancorp from a “b” rating to a “c+” rating in a research report on Friday, November 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $13.25.
In related news, Director Gerald Korde sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 13th. The stock was sold at an average price of $10.03, for a total value of $30,090.00. Following the completion of the transaction, the director now owns 659,111 shares of the company’s stock, valued at $6,610,883.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael L. Larusso sold 3,100 shares of the business’s stock in a transaction dated Friday, December 14th. The shares were sold at an average price of $9.32, for a total value of $28,892.00. Following the completion of the transaction, the director now directly owns 18,560 shares of the company’s stock, valued at approximately $172,979.20. The disclosure for this sale can be found here. 3.45% of the stock is owned by insiders.
VLY stock opened at $9.85 on Monday. Valley National Bancorp has a 52 week low of $8.42 and a 52 week high of $13.38.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). The company had revenue of $245.84 million during the quarter, compared to analyst estimates of $252.55 million.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Friday, December 14th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date of this dividend was Thursday, December 13th.
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Valley National Bancorp Company 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.
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