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Downgrade Alert for Valley National Bancorp (VLY)

By Nick Russo

Valley National Bancorp (NYSE:VLY) was downgraded from Overweight to Neutral at Piper Jaffray today. The stock closed yesterday at $9.22 on volume of 1.7 million shares, below average daily volume of 1.8 million.

Potential upside of 13.9% exists for Valley National Bancorp, based on a current level of $9.22 and analysts' average consensus price target of $10.50. The stock should run into initial resistance at its 50-day moving average (MA) of $9.52 and subsequent resistance at its 200-day MA of $9.72.

Valley National Bancorp share prices have moved between a 52-week high of $11.24 and a 52-week low of $8.31 and closed yesterday at 11% above that low price at $9.22 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.2%.

Valley National Bancorp is the holding company for Valley National Bank and The Merchants Bank of New York. The Banks provide personal and commercial banking products and services to individuals and businesses through branches located in northern New Jersey, and Manhattan, New York. Valley's other subsidiaries include mortgage servicing and investment companies.

SmarTrend is tracking the current trend status for Valley National Bancorp and will alert subscribers who have VLY in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades valley national bancorp

Ticker(s): VLY