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Stock Investors Sell Off Shares of Valley National Bancorp, Down 1.9%

Published on Tue, 01/08/2013 - 11:22
By Adrienne Chilton

Valley National Bancorp (NYSE:VLY) is a company whose shares are active, trading 1.9% lower to $9.80. The Dow is down 0.5% to 13,323 and the S&P is currently down 0.6% to 1,454.

Valley National Bancorp is the holding company for Valley National Bank and The Merchants Bank of New York. The Banks provide personal and commercial banking products and services to individuals and businesses through branches located in northern New Jersey, and Manhattan, New York. Valley's other subsidiaries include mortgage servicing and investment companies.

Valley National Bancorp has overhead space with shares priced $9.80, or 1.3% below the average consensus analyst price target of $9.93. The stock should find resistance at its 200-day moving average (MA) of $10.39, as well as support at its 50-day MA of $9.44.

Valley National Bancorp share prices have moved between a 52-week high of $12.69 and a 52-week low of $8.65 and are now trading 13% above that low price at $9.80 per share. The 200-day and 50-day moving averages have moved 0.35% lower and 0.23% higher over the past week, respectively.

By Adrienne Chilton