Analysts and Technical Update on Valley National Bancorp (NYSE:VLY)

Valley National Bancorp (NYSE:VLY) (Trend Analysis) shares were traded with no significant volume change. The stock closed last trading session at $9.94, up by 2.9%, with a volume of 2,022,125 shares against an average amount for the last three months of 1,758,500.

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Valley National Bancorp (NYSE:VLY) stock is currently trading 11.57% below its 52-week-high, 19.61% above its 52-week-low. The 1-year stock price history is in the range of $8.31 – $11.24. Valley National Bancorp (VLY) has a price to earnings ratio of 21.66 versus Financial sector average of 15.9. VLY stock price has outperformed the S&P 500 by 0.6%. The Financial Services company is currently valued at $2.53 billion, and its share price closed the last trading session at $9.94. The stock has a 50-day moving average of $9.64 and a 200-day moving average of $9.39.

Valley National Bancorp (VLY) current short interest stands at 17.1 million shares. It has increased by 4% from the same period of last month. Around 7% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.74 million shares, the number of days required to cover the short positions stand at 9.9 days.

VLY is forecasted to report earnings per share of $0.18 and a revenue of $182.64 million for the 4th Quarter of the fiscal year 2016. Valley National Bancorp (VLY) declared last quarter earnings on October 26. The Financial Services company announced last quarter earnings per share of $0.16 against a consensus Street estimate of $0.16, matching the average estimate. The company posted a revenue of $216.1 million compared to an estimation of $180 million.

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There are currently seven analysts that cover Valley National Bancorp stock. Of those seven, two have a Buy rating, five have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $10.18.

A recent analyst activity consisted of Piper Jaffray downgrading their Overweight rating to Neutral on August 8. Piper Jaffray decreased price target from $10 to $9.5. This corresponds to a 4.43% downside from the last closing price. On the date of report, the stock closed at $9.12.

From an income perspective, Valley National Bancorp (VLY) has a dividend yield of 4.57%. The dividend growth rate has evolved at the pace of -1.5% over the last 5 years and the payout ratio stands at the high level of 102.33%.

Company snapshot

Valley National Bancorp is the holding company for Valley National Bank and The Merchants Bank of New York. The Banks provide personal and commercial banking products and services to individuals and businesses through branches located in northern New Jersey, and Manhattan, New York. Valley’s other subsidiaries include mortgage servicing and investment companies.

Analysts and Technical Update on Valley National Bancorp (NYSE:VLY) was last modified: November 8th, 2016 by Kelly Rhodes