Comerica Bank Sells 1,121 Shares of Valley National Bancorp (NYSE:VLY)

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Comerica Bank lessened its stake in shares of Valley National Bancorp (NYSE:VLY) by 0.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 188,828 shares of the financial services provider’s stock after selling 1,121 shares during the period. Comerica Bank owned 0.06% of Valley National Bancorp worth $2,196,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Advisory Services Network LLC boosted its stake in shares of Valley National Bancorp by 84.6% in the second quarter. Advisory Services Network LLC now owns 2,622 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 1,202 shares during the period. Oakworth Capital Inc. bought a new position in shares of Valley National Bancorp in the second quarter worth about $48,000. AGF Investments LLC boosted its stake in shares of Valley National Bancorp by 619.6% in the second quarter. AGF Investments LLC now owns 5,728 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 4,932 shares during the period. Prestige Wealth Management Group LLC bought a new position in shares of Valley National Bancorp in the second quarter worth about $69,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Valley National Bancorp in the third quarter worth about $75,000. 55.94% of the stock is owned by institutional investors and hedge funds.

In related news, Director Gerald H. Lipkin sold 16,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.22, for a total transaction of $179,520.00. Following the completion of the transaction, the director now directly owns 192,598 shares of the company’s stock, valued at $2,160,949.56. The sale was disclosed in a filing with the SEC, which is available through this link. 3.45% of the stock is currently owned by corporate insiders.

A number of research firms have recently weighed in on VLY. Stephens began coverage on Valley National Bancorp in a research note on Monday, October 28th. They issued an “equal weight” rating for the company. Royal Bank of Canada began coverage on Valley National Bancorp in a research note on Friday, October 11th. They set an “outperform” rating and a $13.00 price target for the company. Morgan Stanley dropped their price target on 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. Finally, Zacks Investment Research raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, October 26th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Valley National Bancorp has an average rating of “Hold” and an average price target of $11.33.

Shares of Valley National Bancorp stock opened at $11.93 on Thursday. The stock has a 50 day moving average of $11.36 and a 200 day moving average of $10.72. Valley National Bancorp has a 12 month low of $8.42 and a 12 month high of $12.14.

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

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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Institutional Ownership by Quarter for Valley National Bancorp (NYSE:VLY)

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