Valley National Bancorp (NYSE:VLY) Rating Reiterated by Zacks Investment Research

Zacks Investment Research reaffirmed their hold rating on shares of Valley National Bancorp (NYSE:VLY) in a research report report published on Saturday, Zacks.com reports.

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. “

A number of other equities research analysts also recently commented on VLY. Morgan Stanley cut their target price on shares of Valley National Bancorp from $11.50 to $11.00 and set an equal weight rating for the company in a research report on Thursday, October 3rd. Royal Bank of Canada initiated coverage on shares of Valley National Bancorp in a research report on Friday, October 11th. They issued an outperform rating and a $13.00 target price for the company.

NYSE:VLY opened at $11.64 on Friday. Valley National Bancorp has a 12 month low of $8.42 and a 12 month high of $11.77. The company has a 50 day simple moving average of $10.94 and a two-hundred day simple moving average of $10.56.

Valley National Bancorp (NYSE:VLY) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.23 EPS for the quarter, hitting analysts’ consensus estimates of $0.23. The company had revenue of $247.84 million during the quarter, compared to the consensus estimate of $256.70 million. During the same period last year, the firm posted $0.18 EPS.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Thursday, September 12th.

In other Valley National Bancorp news, Director Gerald H. Lipkin sold 16,000 shares of Valley National Bancorp stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.22, for a total value of $179,520.00. Following the completion of the sale, the director now owns 192,598 shares of the company’s stock, valued at approximately $2,160,949.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.45% of the company’s stock.

Large investors have recently bought and sold shares of the business. Nuance Investments LLC grew its position in shares of Valley National Bancorp by 31.7% during the 2nd quarter. Nuance Investments LLC now owns 7,366,774 shares of the financial services provider’s stock valued at $79,487,000 after acquiring an additional 1,772,513 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $14,221,000. Capital Advisors Inc. OK grew its position in shares of Valley National Bancorp by 320.6% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,059,010 shares of the financial services provider’s stock valued at $11,416,000 after acquiring an additional 807,230 shares during the period. Northern Trust Corp grew its position in shares of Valley National Bancorp by 7.7% during the 2nd quarter. Northern Trust Corp now owns 6,605,462 shares of the financial services provider’s stock valued at $71,207,000 after acquiring an additional 472,920 shares during the period. Finally, Invesco Ltd. grew its position in shares of Valley National Bancorp by 48.5% during the 2nd quarter. Invesco Ltd. now owns 989,313 shares of the financial services provider’s stock valued at $10,665,000 after acquiring an additional 322,982 shares during the period. 55.94% of the stock is owned by institutional investors and hedge funds.

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: Percentage Decliners

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