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VLY

Valley National

$11.60

-0.19 (-1.61%)

, ORIT

Oritani Financial

$18.57

-0.24 (-1.28%)

08:34
12/02/19
12/02
08:34
12/02/19
08:34

Valley National completes merger of Oritani Financial

Valley National Bancorp (VLY) announced that its merger with Oritani Financial Corp. (ORIT) was completed effective December 1, 2019. Valley will issue approximately 72 million shares of common stock in the transaction. The common shareholders of Oritani will receive 1.60 shares of Valley common stock for each Oritani share that they own. Effective December 1, 2019, Oritani's wholly-owned subsidiary, Oritani Bank, was merged into and under the name Valley National Bank. As of September 30, 2019, Oritani had approximately $4.0 billion in assets, $3.4 billion in net loans, $2.9 billion in deposits and a branch network of 26 locations. The acquisition represents a significant addition to Valley's New Jersey franchise, and will meaningfully enhance its presence in the Bergen County market. Full systems integration is expected to be completed near the end of the first quarter of 2020. In connection with the merger, Oritani Chairman, Kevin Lynch, has joined the Board of Directors of Valley.

VLY

Valley National

$11.60

-0.19 (-1.61%)

ORIT

Oritani Financial

$18.57

-0.24 (-1.28%)

VLY Valley National
$11.60

-0.19 (-1.61%)

06/27/19
SDLR
06/27/19
UPGRADE
SDLR
Buy
Oritani Financial upgraded to Buy after Valley National deal at Sandler O'Neill
As previously reported, Sandler O'Neill analyst Frank Schiraldi upgraded Oritani Financial (ORIT) to Buy from Hold to align his rating on the stock with his rating on Valley National (VLY), which has agreed to buy Oritani. Though Schiraldi said the transaction represents a low premium deal, he believes a takeout premium was already built into Oritani shares. He would be surprised if there were any buyers that have not already been accounted for given "how persistently" management at Oritani has commented about "all M&A options" being open, the analyst added. He raised his price target on Oritani shares to $19 from $17, based on his Valley price target of $12.
10/11/19
RBCM
10/11/19
INITIATION
Target $13
RBCM
Outperform
Valley National initiated with an Outperform rating at RBC Capital
RBC Capital analyst Steven Doung initiated coverage of Valley National with an Outperform rating and $13 price based on continued positive operating leverage and improving efficiency. The analyst expects strong growth and profitability to continue given efficiency initiatives, presence in attractive markets, and shareholder aligned incentive compensation.
10/28/19
SPHN
10/28/19
INITIATION
Target $1
SPHN
Equal Weight
Valley National resumed with an Equal Weight at Stephens
Stephens analyst Matt Breese initiated coverage of Valley National with an Equal Weight rating.
ORIT Oritani Financial
$18.57

-0.24 (-1.28%)

06/27/19
SDLR
06/27/19
UPGRADE
SDLR
Buy
Oritani Financial upgraded to Buy from Hold at Sandler O'Neill

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