Royal Bank of Canada Buys 67,312 Shares of Valley National Bancorp (NYSE:VLY)
Royal Bank of Canada boosted its stake in shares of Valley National Bancorp (NYSE:VLY) by 278.0% during the second quarter, Holdings Channel.com reports. The fund owned 91,525 shares of the financial services provider’s stock after acquiring an additional 67,312 shares during the period. Royal Bank of Canada’s holdings in Valley National Bancorp were worth $986,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Advisory Services Network LLC increased its stake in Valley National Bancorp by 84.6% during the 2nd 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 Valley National Bancorp during the 2nd quarter worth $48,000. AGF Investments LLC increased its stake in Valley National Bancorp by 619.6% during the 2nd 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 2nd quarter valued at $69,000. Finally, Atria Investments LLC bought a new position in shares of Valley National Bancorp in the 2nd quarter valued at $1,592,000. Hedge funds and other institutional investors own 55.94% of the company’s stock.
Several equities analysts have recently issued reports on VLY shares. Morgan Stanley decreased their price target on Valley National Bancorp from $11.50 to $11.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Zacks Investment Research reiterated a “hold” rating on shares of Valley National Bancorp in a research note on Saturday. Finally, Royal Bank of Canada initiated coverage on Valley National Bancorp in a research report on Friday, October 11th. They set an “outperform” rating and a $13.00 price objective on the stock.
VLY stock traded down $0.02 during midday trading on Wednesday, reaching $11.62. 13,538 shares of the stock were exchanged, compared to its average volume of 1,847,795. Valley National Bancorp has a 52 week low of $8.42 and a 52 week high of $11.77. The company has a fifty day moving average price of $10.94 and a 200 day moving average price of $10.56.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.23 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.23. The firm had revenue of $247.84 million for the quarter, compared to the consensus estimate of $256.70 million. During the same quarter in the prior year, the firm earned $0.18 EPS.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.79%. The ex-dividend date was Thursday, September 12th.
About Valley National Bancorp
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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