Notable Runner: What’s Next for Valley National Bancorp After Achieving 52-Week High?

Notable Runner: What's Next for Valley National Bancorp After Achieving 52 Week High?

The stock of Valley National Bancorp (NYSE:VLY) hit a new 52-week high and has $11.87 target or 4.00% above today’s $11.41 share price. The 9 months bullish chart indicates low risk for the $2.93B company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $11.87 price target is reached, the company will be worth $117.20 million 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 363,156 shares traded hands. Valley National Bancorp (NYSE:VLY) has risen 18.49% since April 27, 2016 and is uptrending. It has outperformed by 13.26% the S&P500.

Analysts await Valley National Bancorp (NYSE:VLY) to report earnings on January, 25. They expect $0.18 EPS, up 20.00% or $0.03 from last year’s $0.15 per share. VLY’s profit will be $46.22 million for 15.85 P/E if the $0.18 EPS becomes a reality. After $0.16 actual EPS 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. $9.50 is the highest target while $9 is the lowest. The $9.25 average target is -18.93% below today’s ($11.41) stock price. Valley National Bancorp has been the topic of 6 analyst reports since August 19, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained it with “Sector Perform” rating and $9 target price in Thursday, January 28 report. Zacks upgraded Valley National Bancorp (NYSE:VLY) on Wednesday, August 19 to “Sell” rating. The stock of Valley National Bancorp (NYSE:VLY) has “Sell” rating given on Tuesday, August 25 by Guggenheim. The company was downgraded on Monday, November 14 by Sandler O’Neill. Sandler O’Neill upgraded the stock to “Buy” rating in Friday, January 29 report.

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 is positive, 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.
Manufacturers Life Ins The holds 0.01% or 457,981 shares in its portfolio. Blackrock, a New York-based fund reported 295,616 shares. The New York-based Basswood Mngmt Limited Liability has invested 0.17% in Valley National Bancorp (NYSE:VLY). Tiaa Cref Mngmt Ltd Liability Company has invested 0.01% of its portfolio in Valley National Bancorp (NYSE:VLY). Bnp Paribas Invest Sa last reported 52,939 shares in the company. Deutsche Fincl Bank Ag, a Germany-based fund reported 740,491 shares. Commonwealth Equity Service reported 81,943 shares or 0.01% of all its holdings. Blackrock Fund has 15.86M shares for 0.03% of their US portfolio. Pinnacle Associate Ltd has 88,875 shares for 0.02% of their US portfolio. The New York-based State Common Retirement Fund has invested 0% in Valley National Bancorp (NYSE:VLY). Citigroup holds 0% or 364,217 shares in its portfolio. Vanguard Grp accumulated 0.01% or 17.69 million shares. Wells Fargo And Com Mn holds 674,328 shares or 0% of its portfolio. Jpmorgan Chase holds 0% of its portfolio in Valley National Bancorp (NYSE:VLY) for 138,445 shares. Cannell Peter B & holds 0.01% or 35,000 shares in its portfolio.

Insider Transactions: Since June 13, 2016, the stock had 0 insider purchases, and 2 insider sales for $645,279 net activity. $554,195 worth of Valley National Bancorp (NYSE:VLY) was sold by GUILFOILE MARY on Tuesday, November 15.

More news for Valley National Bancorp (NYSE:VLY) were recently published by: Prnewswire.com, which released: “Valley National Bancorp Reports a 19 Percent Increase in Third Quarter Net …” on October 26, 2016. Prnewswire.com‘s article titled: “Research Reports Coverage on Banking Stocks — Valley National Bancorp, M&T …” and published on November 16, 2016 is yet another important article.

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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