Valley National Bancorp (NASDAQ:VLY) Price Target Cut to $8.00

Valley National Bancorp (NASDAQ:VLY) had its price target decreased by equities researchers at Wedbush from $9.00 to $8.00 in a report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Wedbush’s price target points to a potential upside of 4.85% from the stock’s previous close.

VLY has been the subject of a number of other research reports. Morgan Stanley boosted their price objective on Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a research report on Wednesday, February 7th. Citigroup decreased their price objective 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. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. Royal Bank of Canada lowered their price target on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, April 9th. Finally, TheStreet downgraded shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.33.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded down $0.14 during mid-day trading on Friday, reaching $7.63. The company had a trading volume of 716,614 shares, compared to its average volume of 6,175,384. The stock’s 50-day simple moving average is $7.84 and its 200-day simple moving average is $8.82. Valley National Bancorp has a 1 year low of $6.39 and a 1 year high of $11.22. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $3.88 billion, a P/E ratio of 7.97 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly 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). Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. The business had revenue of $890.07 million for the quarter, compared to analysts’ expectations of $447.38 million. During the same period in the prior year, the company earned $0.30 EPS. On average, equities analysts predict that Valley National Bancorp will post 0.93 EPS for the current year.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $8.18, for a total transaction of $406,668.70. Following the completion of the sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at approximately $4,460,136.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in VLY. GAMMA Investing LLC acquired a new stake in Valley National Bancorp during the 4th quarter worth approximately $35,000. Wolverine Asset Management LLC bought a new stake in shares of Valley National Bancorp during the 4th quarter valued at about $40,000. Stratos Wealth Partners LTD. purchased a new stake in Valley National Bancorp in the 3rd quarter valued at about $93,000. Jump Financial LLC bought a new stake in Valley National Bancorp in the third quarter worth about $93,000. Finally, Simplicity Wealth LLC bought a new position in shares of Valley National Bancorp during the 1st quarter valued at approximately $92,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

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.