Valley National Bancorp (NYSE:VLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, July 8th.
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 research analysts also recently weighed in on VLY. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $13.00 target price on shares of Valley National Bancorp in a research report on Monday, April 3rd. Stephens assumed coverage on shares of Valley National Bancorp in a research report on Wednesday, April 5th. They issued an “equal weight” rating for the company. ValuEngine raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. BidaskClub downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Finally, Wedbush reaffirmed a “neutral” rating and set a $12.00 price objective on shares of Valley National Bancorp in a research report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $11.80.
Valley National Bancorp (NYSE VLY) traded down 0.42% during mid-day trading on Friday, hitting $11.84. The stock had a trading volume of 125,433 shares. Valley National Bancorp has a one year low of $8.90 and a one year high of $12.82. The company has a 50 day moving average price of $11.61 and a 200-day moving average price of $11.83. The company has a market cap of $3.12 billion, a price-to-earnings ratio of 17.94 and a beta of 0.90.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. The firm had revenue of $189.80 million for the quarter, compared to the consensus estimate of $187.34 million. Valley National Bancorp had a net margin of 20.07% and a return on equity of 8.08%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. Equities analysts expect that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank raised its position in Valley National Bancorp by 0.3% in the first quarter. Amalgamated Bank now owns 34,972 shares of the financial services provider’s stock worth $413,000 after buying an additional 103 shares during the last quarter. Condor Capital Management raised its position in Valley National Bancorp by 0.8% in the first quarter. Condor Capital Management now owns 36,509 shares of the financial services provider’s stock worth $431,000 after buying an additional 291 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Valley National Bancorp by 2.1% in the first quarter. LS Investment Advisors LLC now owns 17,867 shares of the financial services provider’s stock valued at $211,000 after buying an additional 363 shares in the last quarter. World Asset Management Inc raised its position in shares of Valley National Bancorp by 4.5% in the first quarter. World Asset Management Inc now owns 16,133 shares of the financial services provider’s stock valued at $190,000 after buying an additional 699 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Valley National Bancorp by 5.1% in the first quarter. Private Advisor Group LLC now owns 15,831 shares of the financial services provider’s stock valued at $183,000 after buying an additional 771 shares in the last quarter. Institutional investors and hedge funds own 61.54% of the company’s stock.
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.
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