Valley National Bancorp (NYSE:VLY) – Research analysts at Piper Jaffray Companies dropped their FY2020 earnings per share (EPS) estimates for Valley National Bancorp in a report issued on Monday, October 29th, Zacks Investment Research reports. Piper Jaffray Companies analyst M. Breese now anticipates that the financial services provider will post earnings per share of $1.10 for the year, down from their previous forecast of $1.18.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). The firm had revenue of $245.84 million for the quarter, compared to the consensus estimate of $252.55 million.
Other equities research analysts also recently issued reports about the stock. Sandler O’Neill restated a “buy” rating and issued a $14.00 price target on shares of Valley National Bancorp in a research note 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 note on Friday, July 27th. TheStreet downgraded shares of Valley National Bancorp from a “b” rating to a “c+” rating in a research note on Friday, November 9th. Morgan Stanley reduced 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 note on Tuesday, July 31st. Finally, Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $13.97.
Shares of VLY traded up $0.02 during mid-day trading on Wednesday, reaching $10.08. The company had a trading volume of 1,972,283 shares, compared to its average volume of 2,391,000. Valley National Bancorp has a 1-year low of $9.32 and a 1-year high of $13.38.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 14th will be issued a $0.11 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.37%.
A number of hedge funds and other institutional investors have recently modified their holdings of VLY. BlackRock Inc. raised its holdings in Valley National Bancorp by 10.8% in the 3rd quarter. BlackRock Inc. now owns 42,935,005 shares of the financial services provider’s stock valued at $483,019,000 after buying an additional 4,180,131 shares during the last quarter. Macquarie Group Ltd. raised its holdings in Valley National Bancorp by 66.0% in the 3rd quarter. Macquarie Group Ltd. now owns 9,731,680 shares of the financial services provider’s stock valued at $109,481,000 after buying an additional 3,869,127 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in Valley National Bancorp in the 2nd quarter valued at approximately $12,853,000. Texas Yale Capital Corp. raised its holdings in Valley National Bancorp by 82.6% in the 2nd quarter. Texas Yale Capital Corp. now owns 1,588,238 shares of the financial services provider’s stock valued at $19,313,000 after buying an additional 718,667 shares during the last quarter. Finally, Gradient Investments LLC bought a new position in Valley National Bancorp during the 2nd quarter worth approximately $8,727,000. Institutional investors and hedge funds own 55.94% of the company’s stock.
About Valley National Bancorp
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.
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