Valley National Bancorp’s (VLY) Neutral Rating Reaffirmed at Piper Jaffray Companies
Valley National Bancorp (NYSE:VLY)‘s stock had its “neutral” rating restated by Piper Jaffray Companies in a research note issued on Wednesday. They currently have a $13.00 price target on the financial services provider’s stock, up from their previous price target of $12.00. Piper Jaffray Companies’ target price would suggest a potential upside of 11.21% from the stock’s previous close.
A number of other research firms also recently commented on VLY. BidaskClub downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $11.50 target price (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. Zacks Investment Research downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Finally, Keefe, Bruyette & Woods raised shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.67.
Shares of Valley National Bancorp (VLY) traded down 1.27% during midday trading on Wednesday, hitting $11.69. 1,537,167 shares of the stock were exchanged. Valley National Bancorp has a 12 month low of $9.09 and a 12 month high of $12.82. The stock has a 50 day moving average price of $11.80 and a 200-day moving average price of $11.87. The company has a market cap of $3.09 billion, a PE ratio of 16.70 and a beta of 0.90.
Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.18. The business had revenue of $195.79 million for the quarter, compared to analyst estimates of $190.83 million. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. During the same period last year, the business earned $0.15 EPS. On average, analysts predict that Valley National Bancorp will post $0.71 EPS for the current year.
In other Valley National Bancorp news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $11.91, for a total transaction of $470,385.45. Following the transaction, the director now directly owns 258,719 shares of the company’s stock, valued at approximately $3,081,343.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.07% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of VLY. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Valley National Bancorp by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock valued at $108,000 after buying an additional 817 shares during the last quarter. MCF Advisors LLC acquired a new position in shares of Valley National Bancorp during the second quarter valued at about $118,000. HRT Financial LLC acquired a new position in shares of Valley National Bancorp during the second quarter valued at about $120,000. Ffcm LLC increased its position in shares of Valley National Bancorp by 222.4% in the second quarter. Ffcm LLC now owns 10,262 shares of the financial services provider’s stock valued at $124,000 after buying an additional 7,079 shares during the last quarter. Finally, Capital Fund Management S.A. acquired a new position in shares of Valley National Bancorp during the first quarter valued at about $138,000. 61.63% of the stock is currently owned by institutional investors.
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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