Rafferty Asset Management LLC reduced its stake in Valley National Bancorp (NYSE:VLY) by 20.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,824 shares of the financial services provider’s stock after selling 6,715 shares during the period. Rafferty Asset Management LLC’s holdings in Valley National Bancorp were worth $302,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund purchased a new stake in shares of Valley National Bancorp in the 2nd quarter valued at approximately $1,256,000. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $73,010,000 after acquiring an additional 191,335 shares in the last quarter. Federated Investors Inc. PA lifted its position in shares of 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 valued at $4,949,000 after acquiring an additional 54,338 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of 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 valued at $8,707,000 after acquiring an additional 54,951 shares in the last quarter. Finally, Salem Investment Counselors Inc. lifted its position in shares of Valley National Bancorp by 3.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 519,292 shares of the financial services provider’s stock valued at $6,315,000 after acquiring an additional 18,187 shares in the last quarter. 55.94% of the stock is owned by institutional investors.
Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, August 30th. ValuEngine upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, TheStreet downgraded shares of Valley National Bancorp from a “b” rating to a “c+” rating in a research report on Friday, November 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $13.97.
In other news, Director Gerald Korde sold 3,000 shares of the stock in a transaction on Tuesday, November 13th. The shares were sold at an average price of $10.03, for a total transaction of $30,090.00. Following the transaction, the director now owns 659,111 shares in the company, valued at approximately $6,610,883.33. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.45% of the company’s stock.
Valley National Bancorp stock opened at $10.31 on Wednesday. Valley National Bancorp has a twelve month low of $9.32 and a twelve month high of $13.38.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). The business had revenue of $245.84 million for the quarter, compared to analysts’ expectations of $252.55 million.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.27%.
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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.
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