Keefe, Bruyette & Woods Reviews Estimates For Valley National Bancorp

In a report published Tuesday, Keefe, Bruyette & Woods analyst Collyn Gilbert reiterated a Market Perform rating and $9.50 price target on Valley National Bancorp (NYSE: VLY).

In the report, Keefe, Bruyette & Woods noted, “Valley sold a piece of NYC real estate for a $17.8 million pre-tax gain. These branch operations will relocate to a site directly across the street in early 2015. The real estate gains will be used to absorb the prepayment of higher cost long-term borrowings maturing in late 2015. This prepayment could save between $0.01 (1.9%) and $0.05 (7.7%) in 2015 EPS, all else equal. Our estimates are under review.”

Valley National Bancorp closed on Monday at $9.79.