Zacks Investment Research upgraded shares of Valley National Bancorp (NYSE:VLY) from a hold rating to a buy rating in a research note issued to investors on Saturday morning. Zacks Investment Research currently has $14.00 target price on the financial services provider’s stock.
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 brokerages have also weighed in on VLY. Piper Jaffray reissued a buy rating and set a $14.00 price objective on shares of Valley National Bancorp in a report on Monday, January 29th. Morgan Stanley lifted their price objective on Valley National Bancorp from $13.00 to $13.50 and gave the stock an equal weight rating in a report on Wednesday, January 31st. ValuEngine raised Valley National Bancorp from a hold rating to a buy rating in a report on Thursday, March 1st. Hovde Group reissued a buy rating and set a $14.00 price objective on shares of Valley National Bancorp in a report on Wednesday, January 31st. Finally, Royal Bank of Canada began coverage on Valley National Bancorp in a report on Thursday, December 21st. They set an outperform rating and a $14.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $13.79.
Valley National Bancorp (NYSE:VLY) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.01. The firm had revenue of $199.57 million for 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 company’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 EPS. research analysts expect that Valley National Bancorp will post 0.89 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Wednesday, March 14th. Valley National Bancorp’s payout ratio is presently 63.77%.
In other news, Director Peter J. Baum acquired 3,433 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were bought at an average price of $12.70 per share, with a total value of $43,599.10. Following the acquisition, the director now owns 41,086 shares of the company’s stock, valued at $521,792.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.45% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in VLY. BlackRock Inc. boosted its stake in Valley National Bancorp by 3.9% in the 4th quarter. BlackRock Inc. now owns 32,104,862 shares of the financial services provider’s stock valued at $360,216,000 after buying an additional 1,193,479 shares in the last quarter. Deutsche Bank AG boosted its stake in Valley National Bancorp by 131.6% in the 4th quarter. Deutsche Bank AG now owns 1,750,887 shares of the financial services provider’s stock valued at $19,642,000 after buying an additional 994,938 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Valley National Bancorp by 57.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,552,764 shares of the financial services provider’s stock valued at $18,711,000 after buying an additional 566,827 shares in the last quarter. Maltese Capital Management LLC acquired a new stake in Valley National Bancorp in the 4th quarter valued at $5,615,000. Finally, Two Sigma Investments LP acquired a new stake in Valley National Bancorp in the 4th quarter valued at $4,953,000. 51.42% of the stock is currently owned by institutional investors and hedge funds.
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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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