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Raymond James Slashes Banks Ahead of Summer of Doom

Valley National Bancorp
Polini lowered his rating for Valley National Bancorp (VLY - Get Report) of Wayne, N.J., to "Market Perform" from "Outperform," while lowering his 2012 earnings estimate by two cents to 72 cents a share, and his 2013 EPS estimate to 70 cents from 76 cents.

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Valley National's shares closed at $10.65 Tuesday, declining 8% year-to-date, following a 4% decline during 2011. The shares trade for 2.1 times tangible book value, and for 14 times the consensus 2013 earnings estimate of 78 cents. The consensus 2012 EPS estimate is 73 cents.

Based on a quarterly payout of 16 cents, the shares have a dividend yield of 6.01%. The company earned 18 cents a share during the first quarter, for a rather high dividend payout ratio.

Polini said that "despite a very strong balance sheet, the outlook for EPS growth is below average due to the very low interest rate environment and weak recovery."

Interested in more on Valley National Bancorp? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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C $53.07 0.00%
FFIC $19.99 0.00%
IBKC $63.59 0.00%
JPM $62.84 0.00%
VLY $9.38 0.00%


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