BidaskClub Lowers Valley National Bancorp (VLY) to Sell

Valley National Bancorp (NYSE:VLY) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday.

VLY has been the subject of several other reports. Zacks Investment Research raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Friday, April 7th. ValuEngine raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $13.00 price objective on shares of Valley National Bancorp in a research report on Monday, April 3rd. Finally, Stephens started coverage on shares of Valley National Bancorp in a research report on Wednesday, April 5th. They set an “equal weight” rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $11.83.

Shares of Valley National Bancorp (NYSE VLY) traded down 0.570% during trading on Friday, hitting $11.345. The stock had a trading volume of 1,181,025 shares. Valley National Bancorp has a one year low of $8.49 and a one year high of $12.82. The stock’s 50 day moving average price is $11.71 and its 200-day moving average price is $11.84. The stock has a market cap of $2.99 billion, a P/E ratio of 17.189 and a beta of 0.86.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. The business had revenue of $189.80 million during the quarter, compared to analysts’ expectations of $187.34 million. Valley National Bancorp had a net margin of 20.07% and a return on equity of 8.08%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 EPS. Analysts expect that Valley National Bancorp will post $0.71 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.44 annualized dividend and a yield of 3.86%. Valley National Bancorp’s dividend payout ratio is currently 65.67%.

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A number of large investors have recently made changes to their positions in VLY. Amalgamated Bank raised its stake in shares of Valley National Bancorp by 0.3% in the first quarter. Amalgamated Bank now owns 34,972 shares of the financial services provider’s stock valued at $413,000 after buying an additional 103 shares in the last quarter. Condor Capital Management raised its stake in shares of Valley National Bancorp by 0.8% in the first quarter. Condor Capital Management now owns 36,509 shares of the financial services provider’s stock valued at $431,000 after buying an additional 291 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of Valley National Bancorp by 2.1% in the first quarter. LS Investment Advisors LLC now owns 17,867 shares of the financial services provider’s stock valued at $211,000 after buying an additional 363 shares in the last quarter. World Asset Management Inc raised its stake in shares of Valley National Bancorp by 4.5% in the first quarter. World Asset Management Inc now owns 16,133 shares of the financial services provider’s stock valued at $190,000 after buying an additional 699 shares in the last quarter. Finally, Private Advisor Group LLC raised its stake in shares of Valley National Bancorp by 5.1% in the first quarter. Private Advisor Group LLC now owns 15,831 shares of the financial services provider’s stock valued at $183,000 after buying an additional 771 shares in the last quarter. Hedge funds and other institutional investors own 61.94% of the company’s stock.

Valley National Bancorp Company Profile

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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