The stock of Valley National Bancorp (NYSE:VLY) hit a new 52-week high and has $11.99 target or 6.00% above today’s $11.31 share price. The 6 months bullish chart indicates low risk for the $2.91B company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $11.99 price target is reached, the company will be worth $174.60M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 670,845 shares traded hands. Valley National Bancorp (NYSE:VLY) has risen 12.79% since April 21, 2016 and is uptrending. It has outperformed by 7.46% the S&P500.
Analysts await Valley National Bancorp (NYSE:VLY) to report earnings on January, 25. They expect $0.18 earnings per share, up 20.00% or $0.03 from last year’s $0.15 per share. VLY’s profit will be $46.31M for 15.71 P/E if the $0.18 EPS becomes a reality. After $0.16 actual earnings per share reported by Valley National Bancorp for the previous quarter, Wall Street now forecasts 12.50% EPS growth.
Valley National Bancorp (NYSE:VLY) Ratings Coverage
Out of 3 analysts covering Valley National Bancorp (NYSE:VLY), 0 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. Valley National Bancorp has been the topic of 6 analyst reports since August 19, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Friday, January 29 by Sandler O’Neill. The stock has “Sell” rating given by Guggenheim on Tuesday, August 25. On Thursday, January 28 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. As per Monday, November 14, the company rating was downgraded by Sandler O’Neill. The company was upgraded on Wednesday, August 19 by Zacks.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment increased to 1.37 in 2016 Q2. Its up 0.05, from 1.32 in 2016Q1. The ratio improved, as 16 funds sold all Valley National Bancorp shares owned while 56 reduced positions. 15 funds bought stakes while 80 increased positions. They now own 134.70 million shares or 3.36% more from 130.32 million shares in 2016Q1.
Ubs Asset Americas has invested 0% of its portfolio in Valley National Bancorp (NYSE:VLY). Alliancebernstein L P, a New York-based fund reported 389,214 shares. Hightower Advsrs Ltd Liability Company last reported 87,363 shares in the company. Brandywine Management Limited Liability Co holds 0.05% of its portfolio in Valley National Bancorp (NYSE:VLY) for 870,313 shares. Pinnacle Associate Limited reported 88,875 shares or 0.02% of all its holdings. Krasney owns 10,712 shares or 0.02% of their US portfolio. Robeco Institutional Asset Mgmt Bv accumulated 0.02% or 233,467 shares. Weiss Multi holds 701,055 shares or 0.49% of its portfolio. Janney Montgomery Scott Lc owns 59,185 shares or 0.01% of their US portfolio. Vanguard has 17.69 million shares for 0.01% of their US portfolio. Liberty Mutual Grp Inc Asset Mgmt Incorporated has 97,074 shares for 0.03% of their US portfolio. Us Fincl Bank De has invested 0% of its portfolio in Valley National Bancorp (NYSE:VLY). Endurance Wealth Management has 367 shares for 0% of their US portfolio. Profund Llc, a Maryland-based fund reported 52,385 shares. Voya Investment Mgmt Ltd Company last reported 87,025 shares in the company.
Insider Transactions: Since May 26, 2016, the stock had 0 insider purchases, and 2 selling transactions for $645,279 net activity. GUILFOILE MARY sold $91,084 worth of stock or 10,000 shares. CROCITTO PETER P sold $29,983 worth of stock.
More notable recent Valley National Bancorp (NYSE:VLY) news were published by: Prnewswire.com which released: “Valley National Bancorp Reports a 19 Percent Increase in Third Quarter Net …” on October 26, 2016, also Prnewswire.com with their article: “Valley National Bancorp Declares Its Regular Quarterly Preferred Stock And …” published on November 17, 2016, Prnewswire.com published: “Valley National Bancorp Releases 2016 Annual Dodd-Frank Act Stress Test Disclosure” on October 18, 2016. More interesting news about Valley National Bancorp (NYSE:VLY) were released by: Blogs.Wsj.com and their article: “Valley National Bancorp Taps Banking Tech Veteran as CIO” published on May 31, 2016 as well as Seekingalpha.com‘s news article titled: “Valley National Bancorp’s (VLY) CEO Gerald Lipkin on Q2 2016 Results …” with publication date: July 27, 2016.
VLY Company Profile
Valley National Bancorp, incorporated in 1983, is the bank holding firm for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s divisions include Consumer Lending; Commercial Lending; Investment Management, and Corporate and Other Adjustments. The consumer lending segment primarily includes residential mortgages, home equity loans and automobile loans. The commercial lending segment primarily includes floating rate and adjustable rate commercial and industrial loans, as well as fixed rate owner occupied and commercial real estate loans. The investment management segment includes the Company’s investments in various types of securities. The Bank has approximately 230 branches serving northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida.
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