Valley National Bancorp (NYSE:VLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, August 1st.
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. “
A number of other brokerages have also weighed in on VLY. BidaskClub lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. ValuEngine upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, June 6th. Stephens initiated coverage on shares of Valley National Bancorp in a report on Wednesday, April 5th. They issued an “equal weight” rating for the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $11.50 target price (up from $11.00) on shares of Valley National Bancorp in a research note on Friday, July 7th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $13.00 target price on shares of Valley National Bancorp in a research note on Monday, April 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $12.67.
Valley National Bancorp (VLY) opened at 11.12 on Tuesday. The firm has a market capitalization of $2.94 billion, a P/E ratio of 15.89 and a beta of 0.90. The firm’s 50-day moving average is $11.77 and its 200 day moving average is $11.86. Valley National Bancorp has a 52-week low of $9.23 and a 52-week high of $12.82.
Valley National Bancorp (NYSE:VLY) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. The business had revenue of $195.79 million during the quarter, compared to analyst estimates of $190.83 million. During the same period in the previous year, the business posted $0.15 earnings per share. Equities analysts anticipate that Valley National Bancorp will post $0.71 EPS for the current year.
In related news, Director Mary Guilfoile sold 5,140 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $11.92, for a total value of $61,268.80. Following the transaction, the director now owns 258,719 shares in the company, valued at approximately $3,083,930.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.07% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Valley National Bancorp by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock valued at $108,000 after buying an additional 817 shares in the last quarter. Advisor Group Inc. boosted its position in Valley National Bancorp by 26.2% in the second quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock valued at $115,000 after buying an additional 2,031 shares in the last quarter. MCF Advisors LLC bought a new position in Valley National Bancorp during the second quarter valued at about $118,000. HRT Financial LLC acquired a new stake in Valley National Bancorp during the second quarter valued at approximately $120,000. Finally, Ffcm LLC raised its stake in Valley National Bancorp by 222.4% in the second quarter. Ffcm LLC now owns 10,262 shares of the financial services provider’s stock valued at $124,000 after buying an additional 7,079 shares during the last quarter. Institutional investors and hedge funds own 62.47% 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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