Valley National Bancorp (VLY) Upgraded by Zacks Investment Research to “Hold”
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. “
Separately, Piper Jaffray Cos. cut shares of Valley National Bancorp from an overweight rating to a neutral rating and cut their price objective for the stock from $10.00 to $9.50 in a research report on Monday, August 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $10.00.
Shares of Valley National Bancorp (NYSE:VLY) opened at 9.68 on Tuesday. Valley National Bancorp has a 12-month low of $8.31 and a 12-month high of $11.24. The company’s 50 day moving average is $9.51 and its 200 day moving average is $9.36. The company has a market capitalization of $2.46 billion, a P/E ratio of 22.20 and a beta of 0.89.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Valley National Bancorp had a return on equity of 7.26% and a net margin of 14.03%. The firm had revenue of $175.72 million for the quarter, compared to the consensus estimate of $176.54 million. During the same period in the prior year, the company earned $0.14 EPS. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. Analysts expect that Valley National Bancorp will post $0.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend was Tuesday, September 13th. Valley National Bancorp’s payout ratio is 97.78%.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. TSP Capital Management Group LLC increased its position in shares of Valley National Bancorp by 0.3% in the second quarter. TSP Capital Management Group LLC now owns 63,050 shares of the financial services provider’s stock valued at $575,000 after buying an additional 200 shares during the last quarter. Neuberger Berman Group LLC increased its position in Valley National Bancorp by 0.6% in the second quarter. Neuberger Berman Group LLC now owns 35,513 shares of the financial services provider’s stock valued at $324,000 after buying an additional 214 shares in the last quarter. Hsbc Holdings PLC increased its position in Valley National Bancorp by 1.0% in the second quarter. Hsbc Holdings PLC now owns 22,272 shares of the financial services provider’s stock valued at $203,000 after buying an additional 231 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Valley National Bancorp by 1.8% in the second quarter. Public Employees Retirement System of Ohio now owns 16,287 shares of the financial services provider’s stock valued at $149,000 after buying an additional 285 shares in the last quarter. Finally, State Treasurer State of Michigan increased its position in Valley National Bancorp by 0.7% in the second quarter. State Treasurer State of Michigan now owns 89,814 shares of the financial services provider’s stock valued at $819,000 after buying an additional 600 shares in the last quarter. 54.11% 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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