Valley National Bancorp (VLY) is Downgraded by Piper Jaffray to Neutral

Valley National Bancorp (VLY) was Downgraded by Piper Jaffray to ” Neutral”. Earlier the firm had a rating of “Overweight ” on the company shares. Piper Jaffray advised their investors in a research report released on Aug 8, 2016.

On the company’s financial health, Valley National Bancorp reported $0.15 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus of $0.16. The company had revenue of $175.72 million for the quarter, compared to analysts expectations of $177.37 million. The company’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Valley National Bancorp opened for trading at $9.34 and hit $9.4 on the upside on Friday, eventually ending the session at $9.4, with a gain of 3.75% or 0.34 points. The heightened volatility saw the trading volume jump to 14,74,306 shares. Company has a market cap of $2,391 M.

In a different news, on Jun 15, 2016, Mary Guilfoile (director) sold 10,000 shares at $9.11 per share price. According to the SEC, on May 26, 2016, Peter P Crocitto (Senior EVP & COO, Director) sold 3,175 shares at $9.44 per share price. On Jun 25, 2015, Ira Robbins (EVP – Treasurer) purchased 800 shares at $25.05 per share price, according to the Form-4 filing with the securities and exchange commission.

Valley National Bancorp (Valley) is a bank holding company. The Company operates through its subsidiary Valley National Bank (Bank). The Bank operates in four segments: commercial lending consumer lending investment management and corporate and other adjustments. Its Wealth Management Division is consisted of trust asset management and insurance services. It provides a range of commercial retail insurance and wealth management financial services products. It provides various banking services including automated teller machines telephone and Internet banking remote deposit capture and deposit facilities. It also provides international banking services to customers including letters of credit documentary letters of credit and related products. It operates approximately 211 branch locations serving over 24 counties throughout northern and central New Jersey the New York City boroughs of Manhattan Brooklyn Queens and Long Island and Florida.

Valley National Bancorp

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