Valley National Bancorp (VLY) Downgraded to Sell at Zacks Investment Research

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Valley National Bancorp (NYSE:VLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, September 19th.

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. “

Several other research analysts have also issued reports on the stock. ValuEngine upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. Morgan Stanley decreased their price target on shares of Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating on the stock in a research report on Tuesday, July 31st. Sandler O’Neill restated a “buy” rating and issued a $14.00 price target on shares of Valley National Bancorp in a research report on Friday, July 27th. Royal Bank of Canada restated a “buy” rating and issued a $13.00 price target on shares of Valley National Bancorp in a research report on Friday, July 27th. Finally, Citigroup assumed coverage on shares of Valley National Bancorp in a research report on Monday, June 18th. They issued a “neutral” rating and a $14.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $13.97.

Valley National Bancorp stock traded down $0.34 during mid-day trading on Wednesday, hitting $10.63. The company’s stock had a trading volume of 4,388,527 shares, compared to its average volume of 2,329,353. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 15.41 and a beta of 0.88. Valley National Bancorp has a twelve month low of $10.31 and a twelve month high of $13.38.

Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. The firm had revenue of $248.82 million for the quarter, compared to analyst estimates of $245.72 million. Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%. During the same quarter in the previous year, the business posted $0.18 earnings per share. As a group, equities analysts predict that Valley National Bancorp will post 0.85 EPS for the current fiscal year.

In other news, EVP Ronald H. Janis acquired 10,000 shares of the stock in a transaction on Tuesday, July 31st. The shares were purchased at an average cost of $11.64 per share, for a total transaction of $116,400.00. Following the transaction, the executive vice president now owns 37,878 shares in the company, valued at approximately $440,899.92. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.45% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Gradient Investments LLC grew its position in Valley National Bancorp by 7.0% during the 3rd quarter. Gradient Investments LLC now owns 767,789 shares of the financial services provider’s stock worth $8,638,000 after purchasing an additional 50,104 shares in the last quarter. Oliver Luxxe Assets LLC purchased a new position in Valley National Bancorp during the 3rd quarter worth approximately $138,000. Smith Shellnut Wilson LLC ADV purchased a new position in Valley National Bancorp during the 3rd quarter worth approximately $328,000. United Services Automobile Association boosted its stake in shares of Valley National Bancorp by 58.7% during the 2nd quarter. United Services Automobile Association now owns 421,353 shares of the financial services provider’s stock valued at $5,124,000 after buying an additional 155,800 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Valley National Bancorp by 9.0% during the 2nd quarter. Northern Trust Corp now owns 5,925,503 shares of the financial services provider’s stock valued at $72,055,000 after buying an additional 491,743 shares during the period. Hedge funds and other institutional investors own 55.94% of the company’s stock.

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.

Further Reading: Hedge Funds – Risk or Reward?

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