Valley National Bancorp (VLY) Given Consensus Recommendation of “Hold” by Brokerages
Valley National Bancorp (NYSE:VLY) has been assigned a consensus rating of “Hold” from the ten research firms that are covering the company, MarketBeat reports. One research 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 average 1-year price target among brokers that have covered the stock in the last year is $12.60.
Several equities analysts have recently commented on the company. BidaskClub lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Wedbush reaffirmed a “neutral” rating and set a $12.00 target price on shares of Valley National Bancorp in a report on Tuesday, June 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $11.50 target price (up from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. Zacks Investment Research lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Finally, Keefe, Bruyette & Woods raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 target price for the company in a report on Thursday, July 27th.
Valley National Bancorp (NYSE VLY) traded down 0.58% during midday trading on Wednesday, reaching $11.93. The company’s stock had a trading volume of 1,100,011 shares. The company has a market capitalization of $3.15 billion, a P/E ratio of 17.04 and a beta of 0.91. Valley National Bancorp has a 1-year low of $9.35 and a 1-year high of $12.82. The company has a 50 day moving average of $11.38 and a 200-day moving average of $11.63.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The business 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 firm posted $0.15 earnings per share. Equities research analysts anticipate that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.
The company also recently declared a dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, September 14th. Valley National Bancorp’s payout ratio is currently 62.86%.
In other news, Director Mary Guilfoile sold 5,140 shares of the stock in a transaction 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 completion of the sale, the director now owns 258,719 shares in the company, valued at approximately $3,083,930.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.07% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Eqis Capital Management Inc. acquired a new stake in shares of Valley National Bancorp during the 3rd quarter valued at $151,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $168,000. Verition Fund Management LLC acquired a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $253,000. Sterling Capital Management LLC acquired a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $1,420,000. Finally, Ameritas Investment Partners Inc. lifted its position in shares of Valley National Bancorp by 1.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 100,459 shares of the financial services provider’s stock valued at $1,186,000 after acquiring an additional 1,284 shares during the last quarter. Institutional investors own 61.89% 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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