Valley National Bancorp (VLY) Sees Large Decrease in Short Interest

Valley National Bancorp (NYSE:VLY) saw a significant drop in short interest in the month of March. As of March 29th, there was short interest totalling 15,781,870 shares, a drop of 8.7% from the March 15th total of 17,288,614 shares. Based on an average daily trading volume, of 2,115,895 shares, the days-to-cover ratio is currently 7.5 days. Currently, 4.9% of the company’s shares are short sold.

Several equities analysts recently weighed in on VLY shares. Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 20th. TheStreet upgraded Valley National Bancorp from a “c+” rating to a “b-” rating in a report on Friday, February 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $12.95.

VLY stock traded up $0.21 during midday trading on Friday, hitting $10.65. 1,301,083 shares of the company traded hands, compared to its average volume of 2,105,488. Valley National Bancorp has a twelve month low of $8.42 and a twelve month high of $13.37.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $326.32 million for the quarter, compared to analyst estimates of $253.23 million. During the same quarter last year, the firm posted $0.18 EPS.

In other news, Director Gerald Korde sold 3,100 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $10.19, for a total value of $31,589.00. Following the completion of the sale, the director now directly owns 659,111 shares of the company’s stock, valued at $6,716,341.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.45% of the company’s stock.

Several institutional investors have recently made changes to their positions in VLY. Macquarie Group Ltd. grew its stake in shares of Valley National Bancorp by 66.0% in the third quarter. Macquarie Group Ltd. now owns 9,731,680 shares of the financial services provider’s stock worth $109,481,000 after acquiring an additional 3,869,127 shares during the last quarter. Norges Bank acquired a new stake in Valley National Bancorp during the fourth quarter worth $30,297,000. Dimensional Fund Advisors LP boosted its stake in Valley National Bancorp by 11.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,333,186 shares of the financial services provider’s stock worth $127,279,000 after buying an additional 1,515,954 shares in the last quarter. BlackRock Inc. boosted its stake in Valley National Bancorp by 3.4% during the fourth quarter. BlackRock Inc. now owns 44,400,658 shares of the financial services provider’s stock worth $394,278,000 after buying an additional 1,465,653 shares in the last quarter. Finally, Vanguard Group Inc boosted its stake in Valley National Bancorp by 5.1% during the third quarter. Vanguard Group Inc now owns 29,544,729 shares of the financial services provider’s stock worth $332,378,000 after buying an additional 1,432,502 shares in the last quarter. Institutional investors and hedge funds own 55.94% of the company’s stock.

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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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