Valley National Bancorp (NYSE:VLY) Downgraded to Sell at Zacks Investment Research
Valley National Bancorp (NYSE:VLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
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. “
VLY has been the subject of a number of other research reports. Wedbush reaffirmed a “neutral” rating and set a $12.00 price target on shares of Valley National Bancorp in a research report on Tuesday, June 27th. BidaskClub raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $13.00 price target on shares of Valley National Bancorp in a research report on Monday, April 3rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $11.50 price target (up previously from $11.00) on shares of Valley National Bancorp in a research report on Friday. Finally, Stephens began coverage on Valley National Bancorp in a research report on Wednesday, April 5th. They set an “equal weight” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Valley National Bancorp currently has an average rating of “Hold” and an average target price of $11.80.
Shares of Valley National Bancorp (NYSE VLY) opened at 11.92 on Friday. The company’s 50-day moving average price is $11.61 and its 200-day moving average price is $11.83. The stock has a market cap of $3.14 billion, a PE ratio of 18.06 and a beta of 0.90. Valley National Bancorp has a 52-week low of $8.73 and a 52-week high of $12.82.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $0.17 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.17. Valley National Bancorp had a return on equity of 8.08% and a net margin of 20.07%. The company had revenue of $189.80 million during the quarter, compared to analysts’ expectations of $187.34 million. During the same quarter in the previous year, the firm posted $0.14 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were paid a dividend of $0.11 per share. The ex-dividend date was Tuesday, June 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.69%. Valley National Bancorp’s payout ratio is currently 65.67%.
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Several institutional investors have recently added to or reduced their stakes in VLY. Comerica Bank raised its position in Valley National Bancorp by 6.3% in the fourth quarter. Comerica Bank now owns 187,346 shares of the financial services provider’s stock worth $2,181,000 after buying an additional 11,029 shares during the last quarter. Federated Investors Inc. PA raised its position in Valley National Bancorp by 1.1% in the fourth quarter. Federated Investors Inc. PA now owns 96,535 shares of the financial services provider’s stock worth $1,124,000 after buying an additional 1,077 shares during the last quarter. FMR LLC raised its position in Valley National Bancorp by 9.8% in the fourth quarter. FMR LLC now owns 1,790,866 shares of the financial services provider’s stock worth $20,846,000 after buying an additional 159,700 shares during the last quarter. Trexquant Investment LP bought a new position in Valley National Bancorp during the fourth quarter worth $173,000. Finally, First Republic Investment Management Inc. raised its position in Valley National Bancorp by 57.7% in the fourth quarter. First Republic Investment Management Inc. now owns 22,611 shares of the financial services provider’s stock worth $263,000 after buying an additional 8,269 shares during the last quarter. Institutional investors and hedge funds own 61.48% 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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