Valley National Bancorp (VLY) Stock Rating Upgraded by Zacks Investment Research
Valley National Bancorp (NYSE:VLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. lowered Valley National Bancorp from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $9.50 in a research note on Monday, August 8th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $10.00.
Valley National Bancorp (NYSE:VLY) opened at 9.66 on Tuesday. Valley National Bancorp has a 52 week low of $8.31 and a 52 week high of $11.24. The stock has a market capitalization of $2.46 billion, a PE ratio of 22.16 and a beta of 0.89. The firm has a 50-day moving average price of $9.53 and a 200-day moving average price of $9.36.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. The company earned $175.72 million during the quarter, compared to analysts’ expectations of $176.54 million. Valley National Bancorp had a return on equity of 7.26% and a net margin of 14.03%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.14 EPS. Equities research analysts predict that Valley National Bancorp will post $0.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date was Tuesday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 97.78%.
Institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc raised its position in Valley National Bancorp by 119.5% in the first quarter. Commonwealth Equity Services Inc now owns 69,490 shares of the financial services provider’s stock worth $663,000 after buying an additional 37,827 shares during the period. Pacad Investment Ltd. purchased a new position in shares of Valley National Bancorp during the first quarter worth approximately $142,000. Teachers Advisors Inc. raised its position in shares of Valley National Bancorp by 6.3% in the first quarter. Teachers Advisors Inc. now owns 376,010 shares of the financial services provider’s stock worth $3,587,000 after buying an additional 22,225 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Valley National Bancorp by 59.2% in the first quarter. Prudential Financial Inc. now owns 263,134 shares of the financial services provider’s stock worth $2,510,000 after buying an additional 97,800 shares during the last quarter. Finally, BlackRock Group LTD raised its position in shares of Valley National Bancorp by 24.1% in the first quarter. BlackRock Group LTD now owns 226,215 shares of the financial services provider’s stock worth $2,158,000 after buying an additional 43,905 shares during the last quarter. 54.11% of the stock is owned by hedge funds and other institutional investors.
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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