Shares of Valley National Bancorp (NYSE:VLY) have received an average recommendation of “Hold” from the ten ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $13.96.

Several research analysts recently weighed in on the company. TheStreet downgraded Valley National Bancorp from a “b” rating to a “c+” rating in a research note on Friday, November 9th. ValuEngine downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Zacks Investment Research downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Morgan Stanley dropped their price target on Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating on the stock in a research note on Tuesday, July 31st. Finally, Sandler O’Neill reiterated a “buy” rating and set a $14.00 price target on shares of Valley National Bancorp in a research note on Friday, July 27th.

Shares of VLY stock opened at $10.07 on Friday. Valley National Bancorp has a 1-year low of $9.32 and a 1-year high of $13.38.

Valley National Bancorp (NYSE:VLY) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). The company had revenue of $245.84 million during the quarter, compared to analysts’ expectations of $252.55 million.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.37%.

Several hedge funds have recently modified their holdings of the company. Condor Capital Management lifted its holdings in shares of Valley National Bancorp by 14.5% in the 2nd quarter. Condor Capital Management now owns 36,105 shares of the financial services provider’s stock valued at $439,000 after buying an additional 4,572 shares during the period. Arizona State Retirement System increased its stake in Valley National Bancorp by 2.8% during the 2nd quarter. Arizona State Retirement System now owns 183,990 shares of the financial services provider’s stock worth $2,237,000 after buying an additional 4,926 shares in the last quarter. Salem Investment Counselors Inc. grew its position in shares of Valley National Bancorp by 1.1% in the third quarter. Salem Investment Counselors Inc. now owns 525,010 shares of the financial services provider’s stock valued at $5,906,000 after purchasing an additional 5,718 shares in the last quarter. Boulegeris Investments Inc. grew its position in shares of Valley National Bancorp by 17.9% in the second quarter. Boulegeris Investments Inc. now owns 39,800 shares of the financial services provider’s stock valued at $484,000 after purchasing an additional 6,050 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Valley National Bancorp by 50.7% in the second quarter. Jane Street Group LLC now owns 18,930 shares of the financial services provider’s stock valued at $230,000 after purchasing an additional 6,371 shares in the last quarter. 55.94% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: Balance Sheet

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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