Valley National Bancorp (VLY) Lowered to “Sell” at Zacks Investment Research

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.

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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.

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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