Valley National Bancorp (NYSE:VLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
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. “
Several other equities analysts also recently weighed in on the stock. ValuEngine downgraded shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Citigroup started coverage on shares of Valley National Bancorp in a report on Monday, June 18th. They set a “neutral” rating and a $14.00 target price for the company. Royal Bank of Canada restated a “buy” rating and set a $13.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Sandler O’Neill restated a “buy” rating and set a $14.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Finally, Morgan Stanley dropped their target price on shares of Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $13.97.
Shares of VLY traded down $0.01 during trading hours on Thursday, reaching $12.04. The company had a trading volume of 45,295 shares, compared to its average volume of 1,344,985. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $3.99 billion, a PE ratio of 17.45 and a beta of 0.86. Valley National Bancorp has a 12-month low of $10.61 and a 12-month high of $13.38.
Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.22. The business had revenue of $248.82 million during the quarter, compared to the consensus estimate of $245.72 million. Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%. During the same quarter last year, the firm posted $0.18 EPS. research analysts anticipate that Valley National Bancorp will post 0.86 EPS for the current year.
In other news, Director Graham O. Jones sold 76,000 shares of Valley National Bancorp stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $13.21, for a total transaction of $1,003,960.00. Following the completion of the sale, the director now directly owns 889,598 shares in the company, valued at $11,751,589.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gerald Korde sold 5,000 shares of Valley National Bancorp stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $13.27, for a total transaction of $66,350.00. Following the sale, the director now owns 659,111 shares of the company’s stock, valued at $8,746,402.97. The disclosure for this sale can be found here. Company insiders own 3.45% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of VLY. Oakbrook Investments LLC purchased a new stake in shares of Valley National Bancorp during the second quarter worth about $123,000. IMS Capital Management purchased a new stake in shares of Valley National Bancorp during the second quarter worth about $136,000. Natixis purchased a new stake in shares of Valley National Bancorp during the second quarter worth about $140,000. GSA Capital Partners LLP purchased a new stake in shares of Valley National Bancorp during the second quarter worth about $155,000. Finally, SNS Financial Group LLC purchased a new stake in shares of Valley National Bancorp during the first quarter worth about $171,000. Institutional investors and hedge funds own 56.30% of the company’s stock.
About Valley National Bancorp
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.
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