Prudential Financial Inc. Purchases 122,520 Shares of Valley National Bancorp (NYSE:VLY)

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Prudential Financial Inc. increased its position in shares of Valley National Bancorp (NYSE:VLY) by 12.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,074,984 shares of the financial services provider’s stock after acquiring an additional 122,520 shares during the period. Prudential Financial Inc. owned about 0.32% of Valley National Bancorp worth $11,588,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in Valley National Bancorp by 11.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,333,186 shares of the financial services provider’s stock valued at $127,279,000 after purchasing an additional 1,515,954 shares in the last quarter. Geode Capital Management LLC raised its holdings in Valley National Bancorp by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 3,738,551 shares of the financial services provider’s stock valued at $33,198,000 after acquiring an additional 236,001 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Valley National Bancorp by 304.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 67,852 shares of the financial services provider’s stock valued at $650,000 after acquiring an additional 51,062 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of Valley National Bancorp by 72.0% during the 1st quarter. Moors & Cabot Inc. now owns 27,482 shares of the financial services provider’s stock worth $270,000 after buying an additional 11,504 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Valley National Bancorp by 1.3% during the 1st quarter. Rhumbline Advisers now owns 1,015,037 shares of the financial services provider’s stock worth $9,724,000 after buying an additional 12,826 shares in the last quarter. Institutional investors and hedge funds own 55.94% of the company’s stock.

Shares of Valley National Bancorp stock traded down $0.12 on Friday, hitting $10.40. The company had a trading volume of 770,421 shares, compared to its average volume of 1,898,231. Valley National Bancorp has a 1 year low of $8.42 and a 1 year high of $12.25. The stock has a 50 day moving average of $10.55 and a 200-day moving average of $10.37.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.23. The business had revenue of $247.84 million during the quarter, compared to the consensus estimate of $256.70 million. During the same period in the prior year, the company earned $0.18 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date is Thursday, September 12th.

Separately, Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 20th.

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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