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.

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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