5. Valley National Bancorp
Shares of Valley National Bancorp (VLY) of Wayne, N.J., closed at $11.23 Thursday, down 14% year-to-date. Based on a quarterly payout of 17 cents, the shares have a dividend yield of 6.14%.
Valley had $14.5 billion in total assets as of June 30, with roughly 200 branches in northern and central New Jersey and the boroughs of Manhattan, Brooklyn and Queens, in New York. The company expects to complete its acquisition of State Bancorp (STBC) of Jericho, N.Y., during the fourth quarter.The company earned $25.2 million during the second quarter, or 22 cents a share, increasing from $14.1 million, or 20 cents a share, in the second quarter of 2010. The earnings improvement reflected $16.4 million in securities gains during the second quarter and a decline in the provision for loan loss reserves to $6 million from $12.4 million a year earlier. The second-quarter net interest margin was a tax-adjusted 3.71% which was slight decrease from 3.72% a year earlier. The second-quarter ROA was 1.03%, according to SNL Financial. Guggenheim Securities analyst David Darst in August reiterated his "Buy" rating for Valley, but lowered his price target to $13.50 from $15.00, to reflect the "new market environment" for the banking sector, adding that the high dividend yield "coupled with an above peer
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV