KBW analyst Michael Perito maintained a Buy rating on Valley National Bancorp (VLY – Research Report) yesterday and set a price target of $12.00. The company’s shares closed yesterday at $10.32.
According to TipRanks, Perito is a 5-star analyst with an average return of 15.3% and a 64.32% success rate. Perito covers the Financial sector, focusing on stocks such as Axos Financial, Newtek Business, and Provident Financial Services.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Valley National Bancorp with a $10.33 average price target, implying a 0.10% upside from current levels. In a report released on January 10, RBC Capital also maintained a Buy rating on the stock with a $12.00 price target.
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Based on Valley National Bancorp’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $471.08 million and a net profit of $141.35 million. In comparison, last year the company earned a revenue of $510.19 million and had a net profit of $178.12 million
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of VLY in relation to earlier this year.
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Valley National Bancorp (VLY) Company Description:
Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending; Commercial Lending; Investment Management; and Corporate and other adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management services including trust, asset management, insurance services, and asset-based lending support. The Commercial Lending segment refers to the 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 is the investments in various types of securities and interest-bearing deposits with other banks which focus on fixed rate securities, federal funds sold and interest-bearing deposits with banks. The Corporate and Other Adjustments segment relates to income and expense items not directly attributable to a specific segment. The company was founded in 1983 and is headquartered in Wayne, NJ.
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