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, Piper Jaffray Cos. lowered Valley National Bancorp from an overweight rating to a neutral rating and reduced their price objective for the stock from $10.00 to $9.50 in a research note on Monday, August 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $10.00.
Shares of Valley National Bancorp (NYSE:VLY) opened at 9.61 on Tuesday. The firm’s 50-day moving average price is $9.55 and its 200-day moving average price is $9.36. Valley National Bancorp has a 52-week low of $8.31 and a 52-week high of $11.24. The stock has a market cap of $2.44 billion, a P/E ratio of 22.04 and a beta of 0.89.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by $0.01. The company earned $175.72 million during the quarter, compared to analysts’ expectations of $176.54 million. Valley National Bancorp had a return on equity of 7.26% and a net margin of 14.03%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the company earned $0.14 earnings per share. Equities analysts predict that Valley National Bancorp will post $0.62 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.58%. The ex-dividend date was Tuesday, September 13th. Valley National Bancorp’s dividend payout ratio is currently 97.78%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth Equity Services Inc increased its position in shares of Valley National Bancorp by 119.5% in the first quarter. Commonwealth Equity Services Inc now owns 69,490 shares of the financial services provider’s stock valued at $663,000 after buying an additional 37,827 shares in the last quarter. Pacad Investment Ltd. purchased a new position in shares of Valley National Bancorp during the first quarter valued at $142,000. Teachers Advisors Inc. increased its position in shares of Valley National Bancorp by 6.3% in the first quarter. Teachers Advisors Inc. now owns 376,010 shares of the financial services provider’s stock valued at $3,587,000 after buying an additional 22,225 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Valley National Bancorp by 59.2% in the first quarter. Prudential Financial Inc. now owns 263,134 shares of the financial services provider’s stock valued at $2,510,000 after buying an additional 97,800 shares in the last quarter. Finally, BlackRock Group LTD increased its position in shares of Valley National Bancorp by 24.1% in the first quarter. BlackRock Group LTD now owns 226,215 shares of the financial services provider’s stock valued at $2,158,000 after buying an additional 43,905 shares in the last quarter. 54.11% of the stock is owned by institutional investors.
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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