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, Piper Jaffray Cos. lowered Valley National Bancorp from an overweight rating to a neutral rating and dropped their price target for the company from $10.00 to $9.50 in a research report on Monday, August 8th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $10.00.
Valley National Bancorp (NYSE:VLY) opened at 9.68 on Tuesday. Valley National Bancorp has a 1-year low of $8.31 and a 1-year high of $11.24. The firm has a market cap of $2.46 billion, a P/E ratio of 22.20 and a beta of 0.89. The stock has a 50 day moving average price of $9.51 and a 200 day moving average price of $9.36.
Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Valley National Bancorp had a net margin of 14.03% and a return on equity of 7.26%. The firm had revenue of $175.72 million for the quarter, compared to the consensus estimate of $176.54 million. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, analysts anticipate that Valley National Bancorp will post $0.62 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend was Tuesday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 97.78%.
Large investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. increased its stake in Valley National Bancorp by 2.9% in the second quarter. Macquarie Group Ltd. now owns 5,250,903 shares of the financial services provider’s stock valued at $47,888,000 after buying an additional 150,441 shares during the period. Williams Jones & Associates LLC bought a new stake in Valley National Bancorp during the second quarter valued at approximately $128,000. Mason Street Advisors LLC bought a new stake in Valley National Bancorp during the second quarter valued at approximately $931,000. Public Employees Retirement System of Ohio increased its stake in Valley National Bancorp by 1.8% in the second quarter. Public Employees Retirement System of Ohio now owns 16,287 shares of the financial services provider’s stock valued at $149,000 after buying an additional 285 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in Valley National Bancorp by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,152,330 shares of the financial services provider’s stock valued at $10,510,000 after buying an additional 27,181 shares during the period. 54.11% of the stock is currently owned by institutional investors and hedge funds.
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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