Valley National Bancorp (VLY) Receives Average Rating of “Hold” from Brokerages
Shares of Valley National Bancorp (NYSE:VLY) have been given a consensus rating of “Hold” by the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $12.60.
A number of brokerages have recently issued reports on VLY. Wedbush reaffirmed a “neutral” rating and set a $12.00 price target on shares of Valley National Bancorp in a report on Tuesday, June 27th. BidaskClub raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Hovde Group raised 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, Keefe, Bruyette & Woods raised 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.
Shares of Valley National Bancorp (VLY) traded up 0.64% during mid-day trading on Friday, reaching $10.98. 4,639,101 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $11.32 and its 200-day moving average price is $11.70. Valley National Bancorp has a 12-month low of $9.23 and a 12-month high of $12.82. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 15.69 and a beta of 0.91.
Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. The company had revenue of $195.79 million for the quarter, compared to the consensus estimate of $190.83 million. During the same period in the prior year, the firm posted $0.15 EPS. Equities research analysts forecast that Valley National Bancorp will post $0.71 earnings per share for the current year.
The business also recently declared a dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, September 14th. Valley National Bancorp’s payout ratio is presently 62.86%.
In other news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $11.91, for a total transaction of $470,385.45. Following the sale, the director now 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 SEC, which is accessible through this hyperlink. Company insiders own 3.07% of the company’s stock.
Large investors have recently modified their holdings of the company. Visionary Asset Management Inc. bought a new position in shares of Valley National Bancorp in the 2nd quarter worth approximately $328,000. Alliancebernstein L.P. lifted its stake in shares of Valley National Bancorp by 34.0% in the 1st quarter. Alliancebernstein L.P. now owns 522,944 shares of the financial services provider’s stock worth $6,171,000 after purchasing an additional 132,790 shares during the period. Prudential Financial Inc. lifted its stake in shares of Valley National Bancorp by 109.0% in the 1st quarter. Prudential Financial Inc. now owns 330,094 shares of the financial services provider’s stock worth $3,895,000 after purchasing an additional 172,120 shares during the period. Crawford Investment Counsel Inc. lifted its stake in shares of Valley National Bancorp by 5.1% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 196,413 shares of the financial services provider’s stock worth $2,320,000 after purchasing an additional 9,470 shares during the period. Finally, Kennedy Capital Management Inc. bought a new position in shares of Valley National Bancorp in the 1st quarter worth approximately $8,503,000. Hedge funds and other institutional investors own 61.89% of the company’s stock.
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Valley National Bancorp Company Profile
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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