Valley National Bancorp (NYSE:VLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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. “
A number of other research firms have also issued reports on VLY. Piper Jaffray Companies restated a “buy” rating and set a $14.00 price objective on shares of Valley National Bancorp in a research report on Monday, January 29th. Morgan Stanley boosted their price objective on Valley National Bancorp from $13.00 to $13.50 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. ValuEngine upgraded Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Hovde Group restated a “buy” rating and set a $14.00 price objective on shares of Valley National Bancorp in a research report on Wednesday, January 31st. Finally, Royal Bank of Canada assumed coverage on Valley National Bancorp in a research report on Thursday, December 21st. They set an “outperform” rating and a $14.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $13.64.
Valley National Bancorp (NYSE:VLY) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.18 EPS for the quarter, topping the consensus estimate of $0.17 by $0.01. The company had revenue of $199.57 million during the quarter, compared to analyst estimates of $194.26 million. Valley National Bancorp had a return on equity of 8.20% and a net margin of 17.08%. The business’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. research analysts expect that Valley National Bancorp will post 0.88 earnings per share for the current year.
In related news, Director Peter J. Baum acquired 3,433 shares of Valley National Bancorp stock in a transaction that occurred on Monday, January 29th. The stock was acquired at an average price of $12.70 per share, for a total transaction of $43,599.10. Following the transaction, the director now directly owns 41,086 shares of the company’s stock, valued at approximately $521,792.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 3.07% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in VLY. Xact Kapitalforvaltning AB bought a new stake in Valley National Bancorp during the 4th quarter valued at $644,000. MetLife Investment Advisors LLC bought a new stake in Valley National Bancorp during the 4th quarter valued at $3,130,000. Gotham Asset Management LLC raised its stake in Valley National Bancorp by 24.4% during the 4th quarter. Gotham Asset Management LLC now owns 34,410 shares of the financial services provider’s stock valued at $386,000 after acquiring an additional 6,759 shares in the last quarter. HBK Sorce Advisory LLC raised its stake in Valley National Bancorp by 4.6% during the 4th quarter. HBK Sorce Advisory LLC now owns 172,385 shares of the financial services provider’s stock valued at $1,934,000 after acquiring an additional 7,562 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in Valley National Bancorp by 263.2% during the 4th quarter. Jane Street Group LLC now owns 41,749 shares of the financial services provider’s stock valued at $468,000 after acquiring an additional 30,255 shares in the last quarter. Institutional investors and hedge funds own 63.57% of the company’s stock.
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About Valley National Bancorp
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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