Valley National: After A Mixed Q2, Shares Appear Overly Punished

Shares of Valley National Bancorp (NASDAQ:VLY) fell a further 5% on Thursday after reporting Q2 earnings results, adding to losses experienced over the past year as concerns about New York area commercial real estate have swelled. I have been bullish on Valley, arguing that investors are pricing in too much negativity around its CRE portfolio. Since rating shares a buy in April, they are up about 2%, lagging the market's 6% gain. Given updated results, now is a good time to revisit VLY. I believe the market ...