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. cut Valley National Bancorp from an overweight rating to a neutral rating and reduced their price objective for the company from $10.00 to $9.50 in a research report on Monday, August 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Valley National Bancorp currently has a consensus rating of Hold and an average target price of $10.00.
Shares of Valley National Bancorp (NYSE:VLY) opened at 9.61 on Friday. The firm has a market cap of $2.44 billion, a P/E ratio of 22.04 and a beta of 0.93. Valley National Bancorp has a 12-month low of $8.31 and a 12-month high of $11.24. The company has a 50-day moving average of $9.44 and a 200 day moving average of $9.35.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.01. Valley National Bancorp had a net margin of 14.03% and a return on equity of 7.26%. The business earned $175.72 million during the quarter, compared to the consensus estimate of $176.54 million. During the same period in the prior year, the company posted $0.14 earnings per share. The firm’s revenue was up 12.4% compared to the same quarter last year. 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 will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.58%. Valley National Bancorp’s payout ratio is 97.78%.
Several hedge funds and other institutional investors have recently modified their holdings of VLY. Macquarie Group Ltd. raised its position in Valley National Bancorp by 2.9% in the second quarter. Macquarie Group Ltd. now owns 5,250,903 shares of the financial services provider’s stock valued at $47,888,000 after buying an additional 150,441 shares in the last quarter. Williams Jones & Associates LLC bought a new position in Valley National Bancorp during the second quarter valued at about $128,000. Mason Street Advisors LLC bought a new position in Valley National Bancorp during the second quarter valued at about $931,000. Public Employees Retirement System of Ohio raised its position in Valley National Bancorp by 1.8% in the second quarter. Public Employees Retirement System of Ohio now owns 16,287 shares of the financial services provider’s stock valued at $149,000 after buying an additional 285 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Valley National Bancorp by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,152,330 shares of the financial services provider’s stock valued at $10,510,000 after buying an additional 27,181 shares in the last quarter. Institutional investors and hedge funds own 54.11% 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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