Valley National Bancorp (NASDAQ:VLY) Price Target Cut to $8.00 by Analysts at Royal Bank of Canada

Valley National Bancorp (NASDAQ:VLYFree Report) had its target price lowered by Royal Bank of Canada from $9.00 to $8.00 in a report released on Tuesday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also recently issued reports on VLY. Barclays decreased their target price on Valley National Bancorp from $8.00 to $7.00 and set an underweight rating for the company in a research report on Monday, June 24th. Citigroup reduced their price objective on Valley National Bancorp from $11.00 to $8.50 and set a neutral rating for the company in a research report on Wednesday, March 13th. Wedbush reissued a neutral rating and issued a $8.00 price objective on shares of Valley National Bancorp in a research report on Wednesday, May 22nd. Keefe, Bruyette & Woods reissued a market perform rating and issued a $8.00 price objective (down from $12.00) on shares of Valley National Bancorp in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. reduced their price objective on Valley National Bancorp from $8.50 to $8.00 and set a neutral rating for the company in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $8.44.

Get Our Latest Research Report on Valley National Bancorp

Valley National Bancorp Trading Up 1.7 %

NASDAQ:VLY opened at $6.73 on Tuesday. The company has a market capitalization of $3.43 billion, a P/E ratio of 7.92 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50 day moving average price is $7.12 and its 200 day moving average price is $8.15. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22.

Valley National Bancorp (NASDAQ:VLYGet Free Report) last announced its earnings results on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The company had revenue of $890.07 million for the quarter, compared to the consensus estimate of $447.38 million. Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. During the same period in the previous year, the company earned $0.30 EPS. On average, research analysts forecast that Valley National Bancorp will post 0.85 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Thursday, June 13th were given a $0.11 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.44 annualized dividend and a yield of 6.54%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 51.76%.

Insider Buying and Selling

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

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Valley National Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 45,625,380 shares of the company’s stock worth $495,492,000 after purchasing an additional 198,236 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Valley National Bancorp by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 24,889,858 shares of the company’s stock valued at $270,309,000 after buying an additional 1,257,800 shares during the period. American Century Companies Inc. lifted its holdings in Valley National Bancorp by 7.6% in the third quarter. American Century Companies Inc. now owns 13,025,530 shares of the company’s stock valued at $111,499,000 after buying an additional 920,140 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Valley National Bancorp by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,294,793 shares of the company’s stock valued at $68,361,000 after buying an additional 259,796 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Valley National Bancorp by 3.3% in the fourth quarter. Victory Capital Management Inc. now owns 5,093,370 shares of the company’s stock valued at $55,314,000 after buying an additional 161,121 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Valley National Bancorp (NASDAQ:VLY)

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