Piper Jaffray Downgrades Valley National Bancorp (VLY) to Neutral
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Piper Jaffray downgraded Valley National Bancorp (NYSE: VLY) from Overweight to Neutral with a price target of $9.50 (from $10.00) following "underwhelming" Q2 results.
Analyst Matthew Breese commented, "This was a disappointing quarter for VLY as margin expansion was less than expected (+6bp to 3.14% vs. our 3.18% est.), expenses were elevated (2Q operating expenses equaled $119.1 vs. our $116.2 million estimate), and bottom line earnings were a penny light at $0.15 p/s compared to our estimates. Loan growth was a bright spot, with balances increasing 2.3% and fee income was stronger than anticipated driven by higher mortgage banking revenue. Overall, the company generated a 0.68% ROA, in-line with the past six quarters, and tangible book value increased to $5.44 p/s, up from $5.40 p/s in the first quarter. With continued margin pressure, we lowered EPS estimates, reduced our price target to $9.50 p/s and lowered our rating to Neutral from Overweight. Our new P/T equates to 14x our 2017 estimates, a multiple in-line with Northeast peers at 14x."
Shares of Valley National Bancorp closed at $9.40 yesterday.
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