Valley National Bancorp (VLY) Receives Consensus Rating of “Hold” from Brokerages

Shares of Valley National Bancorp (NYSE:VLY) have been assigned an average recommendation of “Hold” from the eleven brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $13.21.

Several equities research analysts recently weighed in on VLY shares. Zacks Investment Research cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, October 28th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $15.00 target price on shares of Valley National Bancorp in a research note on Friday, December 22nd. Royal Bank of Canada initiated coverage on Valley National Bancorp in a research note on Thursday, December 21st. They issued an “outperform” rating and a $14.00 target price on the stock. Finally, Piper Jaffray Companies raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 target price on the stock in a research note on Friday, January 5th.

Shares of Valley National Bancorp (NYSE:VLY) traded down $0.10 during trading hours on Friday, reaching $12.10. The company’s stock had a trading volume of 1,894,800 shares, compared to its average volume of 2,685,375. The company has a market cap of $3,200.00, a PE ratio of 17.79 and a beta of 0.89. Valley National Bancorp has a fifty-two week low of $10.61 and a fifty-two week high of $12.82. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). The business had revenue of $193.00 million for the quarter, compared to the consensus estimate of $195.03 million. Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.16 earnings per share. equities research analysts forecast that Valley National Bancorp will post 0.68 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Friday, December 22nd were paid a $0.11 dividend. The ex-dividend date was Thursday, December 21st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.64%. Valley National Bancorp’s dividend payout ratio is currently 64.71%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. Vanguard Group Inc. grew its holdings in shares of Valley National Bancorp by 2.1% during the second quarter. Vanguard Group Inc. now owns 21,880,605 shares of the financial services provider’s stock worth $258,410,000 after buying an additional 448,524 shares during the last quarter. Chicago Equity Partners LLC raised its holdings in shares of Valley National Bancorp by 22.0% during the third quarter. Chicago Equity Partners LLC now owns 637,215 shares of the financial services provider’s stock valued at $7,678,000 after acquiring an additional 114,780 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Valley National Bancorp by 61.8% during the third quarter. Nordea Investment Management AB now owns 594,300 shares of the financial services provider’s stock valued at $7,161,000 after acquiring an additional 227,100 shares in the last quarter. First Republic Investment Management Inc. raised its holdings in shares of Valley National Bancorp by 87.3% during the third quarter. First Republic Investment Management Inc. now owns 28,213 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 13,149 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Valley National Bancorp by 185.6% during the third quarter. Principal Financial Group Inc. now owns 3,230,525 shares of the financial services provider’s stock valued at $38,928,000 after acquiring an additional 2,099,452 shares in the last quarter. 63.83% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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