Piper Jaffray Downgrades Valley National Bancorp (VLY) to Neutral
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Mizuho Securities Raises Price Target on PDC Energy (PDCE) to $81; Reiterates Neutral
- Pivotal Research Downgrades Kroger (KR) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!