Valley National Bancorp (VLY) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Valley National Bancorp (NYSE:VLY) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.
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. “
Several other equities analysts have also recently weighed in on the company. Sandler O’Neill reiterated a buy rating and issued a $14.00 price target on shares of Valley National Bancorp in a research report on Friday, July 27th. Morgan Stanley reduced their price target on Valley National Bancorp from $14.25 to $13.75 and set an equal weight rating for the company in a research report on Tuesday, July 31st. Citigroup initiated coverage on Valley National Bancorp in a research report on Monday, June 18th. They issued a neutral rating and a $14.00 price target for the company. Royal Bank of Canada reiterated a buy rating and issued a $13.00 price target on shares of Valley National Bancorp in a research report on Friday, July 27th. Finally, ValuEngine upgraded Valley National Bancorp from a sell rating to a hold rating in a research report on Tuesday, August 14th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Valley National Bancorp presently has a consensus rating of Buy and an average price target of $13.97.
Valley National Bancorp (NYSE:VLY) last released its earnings results on Thursday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.22. Valley National Bancorp had a return on equity of 8.56% and a net margin of 16.35%. The business had revenue of $248.82 million during the quarter, compared to the consensus estimate of $245.72 million. During the same period last year, the business posted $0.18 earnings per share. analysts anticipate that Valley National Bancorp will post 0.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Stockholders of record on Friday, September 14th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Thursday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 63.77%.
In related news, Director Gerald Korde sold 5,000 shares of the business’s stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $13.27, for a total transaction of $66,350.00. Following the completion of the transaction, the director now directly owns 659,111 shares in the company, valued at $8,746,402.97. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Graham O. Jones sold 76,000 shares of the business’s stock in a transaction dated Wednesday, June 6th. The stock was sold at an average price of $13.21, for a total value of $1,003,960.00. Following the transaction, the director now owns 889,598 shares of the company’s stock, valued at $11,751,589.58. The disclosure for this sale can be found here. 3.45% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of VLY. Oakbrook Investments LLC purchased a new position in Valley National Bancorp during the second quarter worth about $123,000. IMS Capital Management purchased a new position in Valley National Bancorp during the second quarter worth about $136,000. Natixis purchased a new position in Valley National Bancorp during the second quarter worth about $140,000. GSA Capital Partners LLP purchased a new position in Valley National Bancorp during the second quarter worth about $155,000. Finally, SNS Financial Group LLC purchased a new position in Valley National Bancorp during the first quarter worth about $171,000. Institutional investors and hedge funds own 56.30% of the company’s stock.
Valley National Bancorp Company Profile
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.
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