Zacks Investment Research Upgrades Valley National Bancorp (VLY) to “Hold”

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Valley National Bancorp (NYSE:VLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” 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 raised shares of Valley National Bancorp from a “c+” rating to a “b-” rating in a report on Friday, February 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $12.95.

VLY stock traded up $0.03 during trading on Friday, hitting $10.31. 45,574 shares of the company’s stock traded hands, compared to its average volume of 2,224,882. Valley National Bancorp has a 1 year low of $8.42 and a 1 year high of $13.37.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings data on Thursday, January 31st. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). The company 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 Gerald Korde sold 3,100 shares of Valley National Bancorp stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $10.19, for a total value of $31,589.00. Following the transaction, the director now directly owns 659,111 shares of the company’s stock, valued at $6,716,341.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.45% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. JOYN Advisors Inc. grew its holdings in Valley National Bancorp by 1,410.8% in the fourth quarter. JOYN Advisors Inc. now owns 3,928 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 3,668 shares during the last quarter. Baldwin Brothers Inc. MA purchased a new position in Valley National Bancorp in the fourth quarter worth $44,000. Bruderman Asset Management LLC purchased a new position in Valley National Bancorp in the fourth quarter worth $52,000. NumerixS Investment Technologies Inc lifted its stake in shares of Valley National Bancorp by 742.9% during the fourth quarter. NumerixS Investment Technologies Inc now owns 5,900 shares of the financial services provider’s stock worth $52,000 after buying an additional 5,200 shares during the period. Finally, Toronto Dominion Bank acquired a new stake in shares of Valley National Bancorp during the fourth quarter worth $54,000. 55.94% of the stock is currently owned by institutional investors and hedge funds.

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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