Vanguard Trims Valley National Bancorp Stake to 2.59%

TL;DR

**Vanguard cut its stake in Valley National Bancorp to 2.59%.**

AI Summary

The Vanguard Group, a major investment firm, filed an amendment to its SC 13G filing on February 13, 2024, disclosing its ownership in Valley National Bancorp. As of December 29, 2023, Vanguard beneficially owned 10,774,136 shares of Valley National Bancorp's Common Stock, representing 2.59% of the company. This is a decrease from its previous reported ownership, indicating Vanguard has reduced its stake, which could signal a shift in their investment strategy or outlook on the bank's future performance.

Why It Matters

This matters to investors because Vanguard, a significant institutional investor, has reduced its ownership in Valley National Bancorp, potentially signaling a less bullish outlook on the company's prospects.

Risk Assessment

Risk Level: medium — A major institutional investor reducing its stake can sometimes precede a period of underperformance for the stock, indicating potential risks.

Analyst Insight

A smart investor would investigate the reasons behind Vanguard's reduction in stake, potentially looking into Valley National Bancorp's recent financial performance, industry outlook, and analyst ratings before making any investment decisions.

Key Numbers

• 10,774,136 — Shares Beneficially Owned (The total number of Common Stock shares of Valley National Bancorp owned by The Vanguard Group as of December 29, 2023.)
• 2.59% — Percentage of Class (The percentage of Valley National Bancorp's Common Stock that The Vanguard Group beneficially owns, indicating a reduction from previous filings.)
• 392,565 — Shared Voting Power (The number of shares over which The Vanguard Group has shared voting power.)
• 10,381,571 — Shared Dispositive Power (The number of shares over which The Vanguard Group has shared dispositive power.)
• 0 — Sole Voting Power (The number of shares over which The Vanguard Group has sole voting power, indicating they do not control voting on these shares alone.)

Key Players & Entities

• The Vanguard Group (company) — reporting person, institutional investor
• Valley National Bancorp (company) — issuer of the securities
• 10,774,136 shares (dollar_amount) — total shares beneficially owned by Vanguard
• 2.59% (dollar_amount) — percentage of class beneficially owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Valley National Bancorp's stock price may experience downward pressure or slower growth due to a major institutional investor reducing its stake. (Valley National Bancorp) — medium confidence, target: Next 6-12 months

FAQ

Filing Documents

• tv02185-valleynationalbancor.htm (SC 13G/A) — 11KB
• 0001104659-24-022207.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Valley National Bancorp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 70 Speedwell Avenue Morristown, NJ 07960

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 919794107

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR