Valley National Bancorp (VLY) Rating Lowered to Hold at Zacks Investment Research
Valley National Bancorp (NYSE:VLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Valley National Bancorp is a bank holding company whose principal subsidiary is Valley National Bank. Valley National Bank provides a full range of commercial and retail banking services through branch offices located in northern New Jersey. These services include the following: the acceptance of demand, savings and time deposits; extension of consumer, real estate, Small Business Administration and other commercial credits; title insurance; investment services; and full personal and corporate trust, as well as pension and fiduciary services. “
A number of other analysts have also recently weighed in on the stock. BidaskClub cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price target on the stock in a report on Thursday, July 27th. Wedbush restated a “neutral” rating and issued a $12.00 price target on shares of Valley National Bancorp in a report on Tuesday, June 27th. Hovde Group upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price target on the stock in a report on Monday, July 31st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $11.50 price target (up from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $12.67.
Valley National Bancorp (NYSE VLY) opened at 11.93 on Thursday. The stock has a 50 day moving average of $11.33 and a 200 day moving average of $11.63. Valley National Bancorp has a 52 week low of $9.36 and a 52 week high of $12.82. The company has a market cap of $3.15 billion, a P/E ratio of 17.04 and a beta of 0.91.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. The business had revenue of $195.79 million for the quarter, compared to analysts’ expectations of $190.83 million. During the same period last year, the business earned $0.15 EPS. On average, analysts expect that Valley National Bancorp will post $0.71 earnings per share for the current year.
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In related news, Director Mary Guilfoile sold 39,495 shares of Valley National Bancorp stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $11.91, for a total value of $470,385.45. Following the completion of the sale, the director now directly owns 258,719 shares in the company, valued at approximately $3,081,343.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.07% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Valley National Bancorp by 9,915.0% in the 1st quarter. BlackRock Inc. now owns 31,310,183 shares of the financial services provider’s stock worth $369,461,000 after purchasing an additional 30,997,551 shares in the last quarter. Vanguard Group Inc. boosted its stake in Valley National Bancorp by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 21,880,605 shares of the financial services provider’s stock worth $258,410,000 after purchasing an additional 448,524 shares in the last quarter. State Street Corp boosted its stake in Valley National Bancorp by 2.2% in the 2nd quarter. State Street Corp now owns 15,062,116 shares of the financial services provider’s stock worth $177,885,000 after purchasing an additional 322,882 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Valley National Bancorp by 2.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,963,108 shares of the financial services provider’s stock worth $153,096,000 after purchasing an additional 267,848 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Valley National Bancorp by 52.0% in the 2nd quarter. American Century Companies Inc. now owns 6,504,366 shares of the financial services provider’s stock worth $76,817,000 after purchasing an additional 2,224,024 shares in the last quarter. Institutional investors own 61.88% of the company’s stock.
About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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