Valley National Bancorp (VLY) Lowered to “Strong Sell” at BidaskClub
Valley National Bancorp (NYSE:VLY) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday.
Several other research firms have also recently weighed in on VLY. Zacks Investment Research cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $11.50 target price (up from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Valley National Bancorp in a report on Wednesday. Hovde Group upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 target price on the stock in a report on Monday, July 31st. Finally, Keefe, Bruyette & Woods upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $12.67.
Valley National Bancorp (VLY) opened at 11.31 on Friday. The stock has a market capitalization of $2.99 billion, a P/E ratio of 16.16 and a beta of 0.90. Valley National Bancorp has a 52-week low of $9.15 and a 52-week high of $12.82. The stock has a 50 day moving average of $11.81 and a 200 day moving average of $11.88.
Valley National Bancorp (NYSE:VLY) last released its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The firm had revenue of $195.79 million for the quarter, compared to analysts’ expectations of $190.83 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. On average, equities research analysts forecast that Valley National Bancorp will post $0.71 EPS for the current year.
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In other news, Director Mary Guilfoile sold 5,140 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $11.92, for a total transaction of $61,268.80. Following the transaction, the director now directly owns 258,719 shares of the company’s stock, valued at $3,083,930.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its stake in Valley National Bancorp by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 439,942 shares of the financial services provider’s stock worth $5,121,000 after buying an additional 9,760 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Valley National Bancorp by 1.4% in the first quarter. Nisa Investment Advisors LLC now owns 120,441 shares of the financial services provider’s stock worth $1,421,000 after buying an additional 1,700 shares during the last quarter. Prudential Financial Inc. raised its stake in Valley National Bancorp by 109.0% in the first quarter. Prudential Financial Inc. now owns 330,094 shares of the financial services provider’s stock worth $3,895,000 after buying an additional 172,120 shares during the last quarter. Alliancebernstein L.P. raised its stake in Valley National Bancorp by 34.0% in the first quarter. Alliancebernstein L.P. now owns 522,944 shares of the financial services provider’s stock worth $6,171,000 after buying an additional 132,790 shares during the last quarter. Finally, Kennedy Capital Management Inc. bought a new stake in Valley National Bancorp during the first quarter worth approximately $8,503,000. 61.63% of the stock is owned by institutional investors and hedge funds.
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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