Valley National Bancorp (VLY) Downgraded to Sell at Zacks Investment Research

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Valley National Bancorp (NYSE:VLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.

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, TheStreet lowered shares of Valley National Bancorp from a “b” rating to a “c+” rating in a report on Friday, November 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.95.

Shares of VLY stock traded up $0.06 on Friday, reaching $10.67. 62,695 shares of the company were exchanged, compared to its average volume of 2,290,530. Valley National Bancorp has a one year low of $8.42 and a one year high of $13.38.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings data on Thursday, January 31st. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). The firm had revenue of $256.75 million for the quarter, compared to the consensus estimate of $253.53 million.

In other Valley National Bancorp news, Director Michael L. Larusso sold 3,100 shares of the stock in a transaction dated Friday, December 14th. The shares were sold at an average price of $9.32, for a total value of $28,892.00. Following the completion of the sale, the director now owns 18,560 shares in the company, valued at approximately $172,979.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.45% of the company’s stock.

Large investors have recently bought and sold shares of the business. Oakbrook Investments LLC increased its stake in shares of Valley National Bancorp by 76.6% during the 4th quarter. Oakbrook Investments LLC now owns 22,600 shares of the financial services provider’s stock worth $201,000 after purchasing an additional 9,800 shares during the last quarter. Teachers Advisors LLC boosted its holdings in Valley National Bancorp by 2.5% in the 3rd quarter. Teachers Advisors LLC now owns 627,644 shares of the financial services provider’s stock worth $7,061,000 after buying an additional 15,050 shares during the period. Legal & General Group Plc boosted its holdings in Valley National Bancorp by 11.0% in the 3rd quarter. Legal & General Group Plc now owns 406,568 shares of the financial services provider’s stock worth $4,574,000 after buying an additional 40,156 shares during the period. Retirement Systems of Alabama boosted its holdings in Valley National Bancorp by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 429,079 shares of the financial services provider’s stock worth $3,810,000 after buying an additional 1,438 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in Valley National Bancorp by 21.3% in the 3rd quarter. Prudential Financial Inc. now owns 224,434 shares of the financial services provider’s stock worth $2,525,000 after buying an additional 39,400 shares during the period. Hedge funds and other institutional investors own 55.94% of the company’s stock.

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.

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