Valley National Bancorp (NYSE:VLY) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Valley National Bancorp (NYSE:VLY) from a hold rating to a sell rating in a research report report published on Saturday, October 28th.

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. “

VLY has been the topic of several other reports. Piper Jaffray Companies reissued a neutral rating and set a $13.00 price objective (up from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. Hovde Group upgraded shares of Valley National Bancorp from a market perform rating to an outperform rating and set a $13.50 target price for the company in a report on Monday, July 31st. Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a market perform rating to an outperform rating and set a $13.00 target price for the company in a report on Thursday, July 27th. BidaskClub lowered shares of Valley National Bancorp from a sell rating to a strong sell rating in a research note on Saturday, August 12th. Finally, Morgan Stanley reiterated an equal weight rating and set a $11.50 target price (up previously from $11.00) on shares of Valley National Bancorp in a research note on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $12.67.

Shares of Valley National Bancorp (NYSE VLY) remained flat at $$11.16 during mid-day trading on Friday. The company’s stock had a trading volume of 1,292,553 shares, compared to its average volume of 1,863,061. The firm has a market capitalization of $2,950.00, a P/E ratio of 15.72 and a beta of 0.89. Valley National Bancorp has a twelve month low of $10.61 and a twelve month high of $12.82. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). The firm had revenue of $193.00 million during the quarter, compared to analysts’ expectations of $195.03 million. Valley National Bancorp had a net margin of 19.91% and a return on equity of 8.27%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 earnings per share. sell-side analysts anticipate that Valley National Bancorp will post 0.69 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently modified their holdings of VLY. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Valley National Bancorp by 9.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 817 shares during the period. Advisor Group Inc. grew its holdings in Valley National Bancorp by 26.2% during the second quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 2,031 shares during the last quarter. MCF Advisors LLC acquired a new position in Valley National Bancorp during the second quarter valued at approximately $118,000. HRT Financial LLC acquired a new position in Valley National Bancorp during the second quarter valued at approximately $120,000. Finally, Ffcm LLC grew its holdings in Valley National Bancorp by 222.4% during the second quarter. Ffcm LLC now owns 10,262 shares of the financial services provider’s stock valued at $124,000 after purchasing an additional 7,079 shares during the last quarter. Institutional investors own 63.50% of the company’s stock.

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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