Valley National Bancorp (NASDAQ:VLY) Price Target Cut to $7.00 by Analysts at Barclays

Valley National Bancorp (NASDAQ:VLY) had its target price reduced by Barclays from $8.00 to $7.00 in a research report report published on Monday morning, Benzinga reports. They currently have an underweight rating on the stock.

A number of other equities analysts have also recently issued reports on VLY. Citigroup lowered their target price on Valley National Bancorp from $11.00 to $8.50 and set a neutral rating for the company in a report on Wednesday, March 13th. JPMorgan Chase & Co. cut their target price on shares of Valley National Bancorp from $12.00 to $9.00 and set a neutral rating on the stock in a research report on Thursday, April 4th. Keefe, Bruyette & Woods reissued a market perform rating and set a $8.00 target price (down from $12.00) on shares of Valley National Bancorp in a report on Friday, May 31st. Wedbush reiterated a neutral rating and set a $8.00 price target on shares of Valley National Bancorp in a report on Wednesday, May 22nd. Finally, StockNews.com upgraded Valley National Bancorp from a sell rating to a hold rating in a report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $8.78.

Valley National Bancorp Trading Up 2.4 %

VLY opened at $6.74 on Monday. The company has a market cap of $3.43 billion, a P/E ratio of 7.91 and a beta of 1.10. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average is $7.29 and its 200-day moving average is $8.48. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The company had revenue of $890.07 million during the quarter, compared to analyst estimates of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same quarter in the prior year, the business earned $0.30 EPS. Equities research analysts predict that Valley National Bancorp will post 0.87 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Thursday, June 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.44 annualized dividend and a dividend yield of 6.53%. Valley National Bancorp’s payout ratio is 51.76%.

Insiders Place Their Bets

In related news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total transaction of $127,001.72. Following the transaction, the director now owns 224,679 shares in the company, valued at approximately $1,734,521.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Valley National Bancorp news, EVP Joseph Chillura sold 10,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the transaction, the executive vice president now owns 545,249 shares in the company, valued at $3,582,285.93. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew B. Abramson sold 16,451 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total value of $127,001.72. Following the completion of the sale, the director now directly owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,451 shares of company stock worth $378,452. 1.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Valley National Bancorp

Large investors have recently modified their holdings of the company. UBS Group AG raised its holdings in Valley National Bancorp by 155.7% during the third quarter. UBS Group AG now owns 308,603 shares of the company’s stock worth $2,642,000 after buying an additional 187,917 shares during the last quarter. Deutsche Bank AG increased its position in shares of Valley National Bancorp by 13.6% during the third quarter. Deutsche Bank AG now owns 243,860 shares of the company’s stock worth $2,087,000 after acquiring an additional 29,146 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Valley National Bancorp by 10.2% in the 3rd quarter. Hsbc Holdings PLC now owns 32,131 shares of the company’s stock worth $275,000 after acquiring an additional 2,987 shares during the last quarter. Trexquant Investment LP lifted its position in Valley National Bancorp by 111.5% in the 3rd quarter. Trexquant Investment LP now owns 70,824 shares of the company’s stock valued at $606,000 after acquiring an additional 37,331 shares in the last quarter. Finally, Steamboat Capital Partners LLC lifted its position in Valley National Bancorp by 1.9% in the 3rd quarter. Steamboat Capital Partners LLC now owns 408,868 shares of the company’s stock valued at $3,500,000 after acquiring an additional 7,588 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.