Valley National Bancorp (NASDAQ:VLY) Price Target Cut to $7.00

Valley National Bancorp (NASDAQ:VLY) had its price target cut by investment analysts at Barclays from $8.00 to $7.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s price target points to a potential upside of 5.90% from the company’s current price.

VLY has been the subject of several other research reports. Wedbush restated a “neutral” rating and issued a $8.00 target price on shares of Valley National Bancorp in a research note on Wednesday, May 22nd. Citigroup cut their target price on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. JPMorgan Chase & Co. cut their price objective on Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, April 4th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $8.00 price objective (down previously from $12.00) on shares of Valley National Bancorp in a report on Friday, May 31st. Finally, StockNews.com raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $8.78.

Valley National Bancorp Trading Down 1.9 %

Shares of VLY opened at $6.61 on Monday. The business has a 50-day moving average of $7.28 and a 200 day moving average of $8.45. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The firm has a market cap of $3.37 billion, a P/E ratio of 7.86 and a beta of 1.10. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 1.00.

Valley National Bancorp (NASDAQ:VLY) last announced 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). Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. The firm had revenue of $890.07 million during the quarter, compared to analysts’ expectations of $447.38 million. During the same period last year, the business posted $0.30 EPS. As a group, research analysts forecast that Valley National Bancorp will post 0.86 EPS for the current year.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 10,000 shares of the business’s 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 completion of the sale, 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 Securities & Exchange Commission, which is accessible through the SEC website. In other Valley National Bancorp news, EVP Joseph Chillura sold 10,000 shares of the business’s 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 completion of the sale, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew B. Abramson sold 16,451 shares of the company’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 transaction, the director now 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 90 days, insiders sold 51,451 shares of company stock worth $378,452. 1.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. UBS Group AG raised its holdings in Valley National Bancorp by 155.7% in the third quarter. UBS Group AG now owns 308,603 shares of the company’s stock worth $2,642,000 after purchasing an additional 187,917 shares in the last quarter. Deutsche Bank AG raised its holdings in Valley National Bancorp by 13.6% in the third quarter. Deutsche Bank AG now owns 243,860 shares of the company’s stock worth $2,087,000 after purchasing an additional 29,146 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Valley National Bancorp by 10.2% in the third quarter. Hsbc Holdings PLC now owns 32,131 shares of the company’s stock worth $275,000 after purchasing an additional 2,987 shares in the last quarter. Trexquant Investment LP raised its holdings in Valley National Bancorp by 111.5% in the third quarter. Trexquant Investment LP now owns 70,824 shares of the company’s stock worth $606,000 after purchasing an additional 37,331 shares in the last quarter. Finally, Steamboat Capital Partners LLC grew its stake in shares of Valley National Bancorp by 1.9% in the third quarter. Steamboat Capital Partners LLC now owns 408,868 shares of the company’s stock worth $3,500,000 after acquiring an additional 7,588 shares during the last quarter. Institutional investors 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.