Successful Portfolios LLC Lowers Stock Position in Valley National Bancorp (NYSE:VLY)

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Successful Portfolios LLC lessened its holdings in Valley National Bancorp (NYSE:VLY) by 17.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,076 shares of the financial services provider’s stock after selling 10,994 shares during the quarter. Successful Portfolios LLC’s holdings in Valley National Bancorp were worth $555,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Alaska Department of Revenue purchased a new stake in Valley National Bancorp in the 3rd quarter worth approximately $641,000. Macquarie Group Ltd. grew its stake 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 acquiring an additional 321,857 shares during the period. Hancock Whitney Corp grew its stake in Valley National Bancorp by 12.3% in the 2nd quarter. Hancock Whitney Corp now owns 140,726 shares of the financial services provider’s stock worth $1,517,000 after acquiring an additional 15,457 shares during the period. Atria Investments LLC purchased a new stake in Valley National Bancorp in the 2nd quarter worth approximately $1,592,000. Finally, Royal Bank of Canada grew its stake in Valley National Bancorp by 278.0% in the 2nd quarter. Royal Bank of Canada now owns 91,525 shares of the financial services provider’s stock worth $986,000 after acquiring an additional 67,312 shares during the period. 55.94% of the stock is currently owned by institutional investors.

In other news, Director Gerald H. Lipkin sold 16,000 shares of the business’s stock in a transaction 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 completion of the sale, the director now directly owns 192,598 shares of the company’s stock, valued at approximately $2,160,949.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.45% of the stock is owned by insiders.

Several research firms have commented on VLY. Royal Bank of Canada began coverage on shares of Valley National Bancorp in a research note on Friday. They issued an “outperform” rating and a $13.00 target price for the company. Zacks Investment Research cut shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Finally, Morgan Stanley lowered their price objective on shares of Valley National Bancorp from $11.50 to $11.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd.

Shares of NYSE VLY traded up $0.34 during trading on Friday, hitting $11.18. 178,579 shares of the company traded hands, compared to its average volume of 1,851,760. Valley National Bancorp has a 1 year low of $8.42 and a 1 year high of $11.36. The company has a 50-day moving average price of $10.70 and a 200-day moving average price of $10.45.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.23. The company had revenue of $247.84 million for the quarter, compared to analysts’ expectations of $256.70 million. During the same period in the prior year, the firm earned $0.18 earnings per share.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.44 annualized dividend and a dividend yield of 3.94%.

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.

Further Reading: What does an outperform rating mean?

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)

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