Valley National Bancorp (NASDAQ:VLY) Now Covered by Janney Montgomery Scott Analysts
Janney Montgomery Scott research analysts assumed hedging the shares of Valley National Bancorp (NASDAQ:VLY – Get a rating) in a report released Thursday, Fly reports. The brokerage has set a “buy” rating on the stock.
Separately, Citigroup cut its price target on Valley National Bancorp from $14.00 to $13.00 in a Tuesday, May 3 report. Two investment analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $14.50.
Valley National Bancorp is trading up 0.9%
Shares of Valley National Bancorp opened at $11.80 on Thursday. The company’s fifty-day simple moving average is $11.15 and its 200-day simple moving average is $12.47. The company has a market capitalization of $5.97 billion, a price-earnings ratio of 11.68 and a beta of 1.14. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt ratio of 0.24. Valley National Bancorp has a 1-year minimum of $10.01 and a 1-year maximum of $15.10.
Valley National Bancorp (NASDAQ:VLY – Get a rating) last released its results on Thursday, July 28. The company reported EPS of $0.32 for the quarter, beating the consensus estimate of $0.29 by $0.03. The company posted revenue of $476.70 million in the quarter, compared to $444.35 million expected by analysts. Valley National Bancorp had a return on equity of 10.37% and a net margin of 27.48%. Valley National Bancorp’s quarterly revenue increased 38.6% from the same quarter last year. During the same period last year, the company made earnings per share of $0.30. As a group, sell-side analysts expect Valley National Bancorp to post year-to-date EPS of 1.26.
Hedge funds weigh on Valley National Bancorp
Several hedge funds and other institutional investors have recently changed their positions in the company. BlackRock Inc. increased its stake in Valley National Bancorp by 5.2% in Q1. BlackRock Inc. now owns 57,936,970 shares of the company worth $754,340,000 after purchasing an additional 2,877,763 shares during the period. Vanguard Group Inc. increased its position in Valley National Bancorp by 3.8% in Q1. Vanguard Group Inc. now owns 41,628,512 shares of the company valued at $542,003,000 after purchasing an additional 1,534,805 shares last quarter. Dimensional Fund Advisors LP increased its stake in Valley National Bancorp by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 22,423,189 shares of the company worth $291,953,000 after purchasing an additional 217,648 shares in the last quarter. State Street Corp increased its stake in Valley National Bancorp by 11.1% in the first quarter. State Street Corp now owns 20,600,597 shares of the company worth $270,425,000 after purchasing an additional 2,051,696 shares last quarter. Finally, American Century Companies Inc. increased its stake in Valley National Bancorp by 6.4% during the 1st quarter. American Century Companies Inc. now owns 12,278,093 shares of the company worth $159,861,000 after purchasing an additional 736,117 shares last quarter. 78.90% of the shares are currently held by institutional investors and hedge funds.
About Valley National Bancorp
Valley National Bancorp operates as a holding company for Valley National Bank which provides various commercial, retail, insurance and wealth management financial services products. It operates through commercial lending, consumer lending and investment management segments. The company offers interest-free deposit, savings, NOW, money market and term accounts; commercial and industrial, commercial real estate, residential mortgages and automobile loans; loans secured by the cash value of life insurance; home equity loans and lines of credit; and other secured and unsecured consumer loans.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Valley National Bancorp right now?
Before you consider Valley National Bancorp, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Valley National Bancorp was not on the list.
While Valley National Bancorp currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here