Valley National Bancorp (VLY) on Focus After Forming Descending Triangle

July 17, 2017 - By Darrin Black

Investors sentiment increased to 1.55 in 2016 Q4. Its up 0.18, from 1.37 in 2016Q3. It is positive, 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.
Raymond James And owns 0.01% invested in Valley National Bancorp (NYSE:VLY) for 225,108 shares. Td Asset holds 0% of its portfolio in Valley National Bancorp (NYSE:VLY) for 27,825 shares. 139,675 were reported by Great West Life Assurance Can. Zurcher Kantonalbank (Zurich Cantonalbank) holds 0% of its portfolio in Valley National Bancorp (NYSE:VLY) for 8,311 shares. Employees Retirement Association Of Colorado accumulated 0% or 36,668 shares. Vantage Inv Lc owns 2,584 shares. 5.03M are held by Northern Corp. Ls Advsr Llc stated it has 17,504 shares. First Republic Mgmt Inc invested in 22,611 shares. Hsbc Public Limited Company reported 0% stake. Princeton Alpha Lp invested 0.1% of its portfolio in Valley National Bancorp (NYSE:VLY). 34,113 are owned by Overbrook Mgmt. Mutual Of America Cap Mgmt Limited Liability stated it has 0.04% in Valley National Bancorp (NYSE:VLY). Gemmer Asset Limited Liability reported 718 shares. Arizona State Retirement invested in 0.02% or 113,731 shares.

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 await Valley National Bancorp (NYSE:VLY) to report earnings on July, 26. They expect $0.18 EPS, up 20.00 % or $0.03 from last year’s $0.15 per share. VLY’s profit will be $47.38M for 16.51 P/E if the $0.18 EPS becomes a reality. After $0.17 actual EPS reported by Valley National Bancorp for the previous quarter, Wall Street now forecasts 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. As per Tuesday, August 25, the company rating was upgraded by Guggenheim. The stock of Valley National Bancorp (NYSE:VLY) has “Hold” rating given on Monday, November 14 by Sandler O’Neill. The stock has “Sell” rating by Zacks on Wednesday, August 19. The firm earned “Buy” rating on Friday, January 29 by Sandler O’Neill. The company was maintained on Monday, May 29 by Keefe Bruyette & Woods. The firm has “Sector Perform” rating by RBC Capital Markets given on Thursday, January 28.

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

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