Valley National Bancorp (VLY)’s Trend Up, Especially After Forming a Descending Triangle Pattern

July 17, 2017 - By Winifred Garcia

Investors sentiment increased to 1.55 in Q4 2016. Its up 0.18, from 1.37 in 2016Q3. It increased, as 17 investors sold Valley National Bancorp shares while 56 reduced holdings. 39 funds opened positions while 74 raised stakes. 150.30 million shares or 10.48% more from 136.05 million shares in 2016Q3 were reported.
Ubs Asset Mngmt Americas holds 0% or 149,527 shares in its portfolio. Raymond James Fin Ser stated it has 0% in Valley National Bancorp (NYSE:VLY). 50,444 are owned by Victory. Weaver C Barksdale & Associates stated it has 0.01% of its portfolio in Valley National Bancorp (NYSE:VLY). The Arizona-based Arizona State Retirement Sys has invested 0.02% in Valley National Bancorp (NYSE:VLY). Federated Pa accumulated 96,535 shares. Benin Mngmt stated it has 65,649 shares or 0.35% of all its holdings. 1.87M are owned by Blackrock Investment Mgmt Ltd Limited Liability Company. Strs Ohio owns 24,900 shares. Barrow Hanley Mewhinney Strauss Ltd Com reported 7.12M shares stake. Natl Planning accumulated 13,654 shares or 0.01% of the stock. Oregon Employees Retirement Fund holds 79,102 shares. Moreover, Mcrae Cap Management has 0.11% invested in Valley National Bancorp (NYSE:VLY). Blackrock Fund Advsrs holds 0.04% or 19.75M shares in its portfolio. Tudor Corp Et Al has 1.38 million shares for 0.41% of their portfolio.

The stock of Valley National Bancorp (VLY) formed a descending triangle with $12.37 target or 4.00 % above today’s $11.89 share price. The 6 months triangle pattern indicates low risk for the $3.13B company. If the $12.37 price target is reached, the company will be worth $125.20M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock decreased 0.13% or $0.01 on July 17, reaching $11.89. About 901,257 shares traded. Valley National Bancorp (NYSE:VLY) has risen 24.84% since July 17, 2016 and is uptrending. It has outperformed by 8.14% the S&P500.

Analysts expect Valley National Bancorp (NYSE:VLY) to report $0.18 EPS on July, 26.They anticipate $0.03 EPS change or 20.00 % from last quarter’s $0.15 EPS. VLY’s profit would be $47.38 million giving it 16.51 P/E if the $0.18 EPS is correct. After having $0.17 EPS previously, Valley National Bancorp’s analysts see 5.88 % EPS growth.

Valley National Bancorp (NYSE:VLY) Ratings Coverage

Among 6 analysts covering Valley National Bancorp (NYSE:VLY), 0 have Buy rating, 1 Sell and 5 Hold. Therefore 0 are positive. Valley National Bancorp had 9 analyst reports since August 19, 2015 according to SRatingsIntel. The firm has “Hold” rating by Keefe Bruyette & Woods given on Monday, May 29. RBC Capital Markets maintained the shares of VLY in report on Thursday, January 28 with “Sector Perform” rating. The stock of Valley National Bancorp (NYSE:VLY) has “Sell” rating given on Wednesday, August 19 by Zacks. The stock of Valley National Bancorp (NYSE:VLY) has “Buy” rating given on Friday, January 29 by Sandler O’Neill. The company was downgraded on Monday, November 14 by Sandler O’Neill. The stock has “Sell” rating by Guggenheim on Tuesday, August 25.

More news for Valley National Bancorp (NYSE:VLY) were recently published by: Prnewswire.com, which released: “Technical Snapshots for these Banking Stocks — Valley National Bancorp …” on July 14, 2017. Nasdaq.com‘s article titled: “Valley National Bancorp’s Preferred Securities Shares Cross 5% Yield Mark” and published on July 11, 2017 is yet another important article.

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