Zacks Investment Research lowered shares of Valley National Bancorp (NYSE:VLY) from a hold rating to a sell rating in a research report sent to investors on Wednesday 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. “
A number of other research analysts have also weighed in on VLY. Keefe, Bruyette & Woods reissued a buy rating and issued a $13.00 target price on shares of Valley National Bancorp in a report on Friday, September 29th. BidaskClub downgraded Valley National Bancorp from a sell rating to a strong sell rating in a research report on Saturday, August 12th. Finally, Piper Jaffray Companies reiterated a neutral rating and set a $13.00 target price (up from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Valley National Bancorp presently has an average rating of Hold and a consensus price target of $12.67.
Valley National Bancorp (NYSE VLY) traded down $0.07 on Wednesday, reaching $11.60. 1,257,400 shares of the company’s stock traded hands, compared to its average volume of 1,852,302. Valley National Bancorp has a 1-year low of $10.61 and a 1-year high of $12.82. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.97. The company has a market cap of $3,070.00, a PE ratio of 16.44 and a beta of 0.89.
Valley National Bancorp (NYSE:VLY) last released its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The firm had revenue of $193.00 million for the quarter, compared to the consensus estimate of $195.03 million. During the same quarter in the previous year, the business posted $0.16 EPS. Valley National Bancorp’s revenue was up 6.5% on a year-over-year basis. research analysts forecast that Valley National Bancorp will post 0.7 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Friday, December 22nd will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Thursday, December 21st. Valley National Bancorp’s payout ratio is 64.71%.
Several institutional investors and hedge funds have recently modified their holdings of VLY. Vanguard Group Inc. grew its holdings in Valley National Bancorp by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 21,880,605 shares of the financial services provider’s stock valued at $258,410,000 after buying an additional 448,524 shares in the last quarter. State Street Corp lifted its stake in Valley National Bancorp by 2.2% during the 2nd quarter. State Street Corp now owns 15,062,116 shares of the financial services provider’s stock worth $177,885,000 after acquiring an additional 322,882 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Valley National Bancorp by 1.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 13,160,052 shares of the financial services provider’s stock valued at $158,578,000 after purchasing an additional 196,944 shares in the last quarter. American Century Companies Inc. raised its position in Valley National Bancorp by 52.0% in the 2nd quarter. American Century Companies Inc. now owns 6,504,366 shares of the financial services provider’s stock valued at $76,817,000 after purchasing an additional 2,224,024 shares in the last quarter. Finally, Macquarie Group Ltd. raised its position in Valley National Bancorp by 7.6% in the 3rd quarter. Macquarie Group Ltd. now owns 5,886,336 shares of the financial services provider’s stock valued at $70,930,000 after purchasing an additional 415,470 shares in the last quarter. Hedge funds and other institutional investors own 63.90% 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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