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 equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a research report on Friday, September 29th. BidaskClub cut shares of Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $13.00 price objective (up from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. Hovde Group raised shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 price objective for the company in a research report on Monday, July 31st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $12.67.

Shares of Valley National Bancorp (VLY) opened at 11.84 on Thursday. The company has a market capitalization of $3.13 billion, a P/E ratio of 16.91 and a beta of 0.91. The firm has a 50-day moving average of $11.29 and a 200-day moving average of $11.63. Valley National Bancorp has a one year low of $9.36 and a one year high of $12.82.

Valley National Bancorp (NYSE:VLY) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.18. The business had revenue of $195.79 million for the quarter, compared to the consensus estimate 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 in the previous year, the company earned $0.15 earnings per share. Equities research analysts expect that Valley National Bancorp will post $0.71 EPS for the current fiscal year.

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In other Valley National Bancorp news, Director Mary Guilfoile sold 39,495 shares of Valley National Bancorp 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 completion of the transaction, the director now directly owns 258,719 shares of the company’s stock, valued at $3,081,343.29. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.07% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in VLY. Private Advisor Group LLC boosted its position in shares of Valley National Bancorp by 0.6% in the second quarter. Private Advisor Group LLC now owns 15,921 shares of the financial services provider’s stock valued at $188,000 after acquiring an additional 90 shares during the period. Amalgamated Bank boosted its position in shares of Valley National Bancorp by 0.3% in the first quarter. Amalgamated Bank now owns 34,972 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 103 shares during the period. Pinnacle Associates Ltd. boosted its position in shares of Valley National Bancorp by 0.3% in the second quarter. Pinnacle Associates Ltd. now owns 64,914 shares of the financial services provider’s stock valued at $767,000 after acquiring an additional 225 shares during the period. World Asset Management Inc boosted its position in shares of Valley National Bancorp by 2.3% in the second quarter. World Asset Management Inc now owns 16,510 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 377 shares during the period. Finally, Citigroup Inc. boosted its position in shares of Valley National Bancorp by 0.5% in the second quarter. Citigroup Inc. now owns 111,892 shares of the financial services provider’s stock valued at $1,321,000 after acquiring an additional 512 shares during the period. 61.88% of the stock is owned by hedge funds and other 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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Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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