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

Valley National Bancorp (NASDAQ:VLY) had its price objective lowered by Barclays from $8.00 to $7.00 in a report published on Monday, Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other equities analysts have also issued research reports about the stock. TheStreet lowered shares of Valley National Bancorp from a b- rating to a c+ rating in a research report on Tuesday, February 27th. Citigroup cut their price objective on shares of Valley National Bancorp from $11.00 to $8.50 and set a neutral rating on the stock in a research report on Wednesday, March 13th. 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. Keefe, Bruyette & Woods reiterated a market perform rating and set a $8.00 price target (down previously from $12.00) on shares of Valley National Bancorp in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. lowered their price target on Valley National Bancorp from $12.00 to $9.00 and set a neutral rating on the stock in a report on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $8.67.

Valley National Bancorp Price Performance

NASDAQ VLY opened at $6.67 on Monday. The company has a 50 day simple moving average of $7.24 and a 200-day simple moving average of $8.40. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 7.85 and a beta of 1.10. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01). The business had revenue of $890.07 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business posted $0.30 EPS. Equities research analysts predict that Valley National Bancorp will post 0.86 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company 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 $0.11 dividend. The ex-dividend date is Thursday, June 13th. This represents a $0.44 annualized dividend and a yield of 6.60%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 51.76%.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Valley National Bancorp news, Director Andrew B. Abramson sold 16,451 shares of Valley National Bancorp stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the completion of the transaction, the director now directly owns 224,679 shares of the company’s stock, valued at $1,734,521.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Joseph Chillura sold 10,000 shares of Valley National Bancorp stock in a transaction on Friday, June 14th. The shares were sold at an average price of $6.57, for a total value of $65,700.00. Following the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $3,582,285.93. 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Xponance Inc. raised its holdings in shares of Valley National Bancorp by 2.1% in the fourth quarter. Xponance Inc. now owns 62,924 shares of the company’s stock valued at $683,000 after buying an additional 1,286 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Valley National Bancorp by 0.3% in the first quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock valued at $4,263,000 after buying an additional 1,435 shares during the last quarter. Resources Management Corp CT ADV raised its holdings in shares of Valley National Bancorp by 5.5% in the third quarter. Resources Management Corp CT ADV now owns 36,200 shares of the company’s stock valued at $310,000 after buying an additional 1,900 shares during the last quarter. Strs Ohio increased its position in Valley National Bancorp by 5.4% in the fourth quarter. Strs Ohio now owns 38,800 shares of the company’s stock worth $421,000 after purchasing an additional 2,000 shares during the period. Finally, United Services Automobile Association increased its position in Valley National Bancorp by 8.5% in the third quarter. United Services Automobile Association now owns 31,670 shares of the company’s stock worth $271,000 after purchasing an additional 2,470 shares during the period. 61.00% of the stock is owned by institutional investors.

About Valley National Bancorp

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.