Zacks Investment Research upgraded shares of Valley National Bancorp (NYSE:VLY) from a hold rating to a buy rating in a research report sent to investors on Saturday morning. The firm currently has $13.00 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. “
A number of other research firms also recently commented on VLY. Keefe, Bruyette & Woods reiterated a buy rating and set a $13.00 target price on shares of Valley National Bancorp in a research report on Friday, September 29th. 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 target price for the company. Finally, Piper Jaffray Companies upgraded Valley National Bancorp from a neutral rating to an overweight rating and set a $13.50 target price for the company in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Valley National Bancorp has a consensus rating of Hold and an average price target of $13.21.
Valley National Bancorp (NYSE:VLY) opened at $12.19 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $3,220.00, a P/E ratio of 17.93 and a beta of 0.89. Valley National Bancorp has a 52-week low of $10.61 and a 52-week high of $12.82.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $193.00 million for the quarter, compared to the consensus estimate of $195.03 million. Valley National Bancorp had a net margin of 19.91% and a return on equity of 8.27%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. sell-side analysts predict that Valley National Bancorp will post 0.68 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Friday, December 22nd were issued a dividend of $0.11 per share. The ex-dividend date was Thursday, December 21st. This represents a $0.44 annualized dividend and a yield of 3.61%. Valley National Bancorp’s payout ratio is presently 64.71%.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Valley National Bancorp by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 21,880,605 shares of the financial services provider’s stock valued at $258,410,000 after buying an additional 448,524 shares during the period. Chicago Equity Partners LLC increased its stake in Valley National Bancorp by 22.0% in the third quarter. Chicago Equity Partners LLC now owns 637,215 shares of the financial services provider’s stock worth $7,678,000 after purchasing an additional 114,780 shares during the period. First Republic Investment Management Inc. increased its stake in Valley National Bancorp by 87.3% in the third quarter. First Republic Investment Management Inc. now owns 28,213 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 13,149 shares during the period. Nordea Investment Management AB increased its stake in Valley National Bancorp by 61.8% in the third quarter. Nordea Investment Management AB now owns 594,300 shares of the financial services provider’s stock worth $7,161,000 after purchasing an additional 227,100 shares during the period. Finally, Prudential Financial Inc. increased its stake in Valley National Bancorp by 78.2% in the third quarter. Prudential Financial Inc. now owns 691,144 shares of the financial services provider’s stock worth $8,328,000 after purchasing an additional 303,260 shares during the period. Institutional investors own 63.83% 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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