Wedbush Equities Analysts Increase Earnings Estimates for Valley National Bancorp (VLY)

Valley National Bancorp (NYSE:VLY) – Stock analysts at Wedbush upped their FY2019 earnings per share estimates for Valley National Bancorp in a research note issued on Monday, April 16th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $0.97 per share for the year, up from their prior estimate of $0.95.

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Several other equities analysts also recently issued reports on the company. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Saturday, April 7th. ValuEngine upgraded Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Morgan Stanley upped their target price on Valley National Bancorp from $13.00 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Hovde Group restated a “buy” rating and issued a $14.00 target price on shares of Valley National Bancorp in a research report on Wednesday, January 31st. Finally, Piper Jaffray restated a “buy” rating and issued a $14.00 target price on shares of Valley National Bancorp in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $13.79.

Shares of NYSE VLY opened at $12.19 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $3,999.58, a PE ratio of 17.67 and a beta of 0.89. Valley National Bancorp has a 12-month low of $10.61 and a 12-month high of $13.38.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The business had revenue of $199.57 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $0.19 earnings per share.

The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th were given a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $0.44 dividend on an annualized basis and a yield of 3.61%. Valley National Bancorp’s dividend payout ratio (DPR) is 63.77%.

In other news, Director Peter J. Baum bought 3,433 shares of the business’s stock in a transaction on Monday, January 29th. The stock was purchased at an average cost of $12.70 per share, for a total transaction of $43,599.10. Following the completion of the transaction, the director now directly owns 41,086 shares of the company’s stock, valued at approximately $521,792.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.45% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Valley National Bancorp by 58.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 14,749 shares of the financial services provider’s stock valued at $166,000 after buying an additional 5,429 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of Valley National Bancorp in the fourth quarter valued at $169,000. Wealth Advisors of Tampa Bay LLC bought a new position in shares of Valley National Bancorp in the fourth quarter valued at $184,000. Derby & Company Inc. bought a new position in shares of Valley National Bancorp in the fourth quarter valued at $204,000. Finally, Virtu Financial LLC bought a new position in shares of Valley National Bancorp in the fourth quarter valued at $206,000. 51.42% of the stock is currently owned by institutional investors.

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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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