Valley National Bancorp (NASDAQ:VLY) Stock Rating Reaffirmed by Wedbush

Valley National Bancorp (NASDAQ:VLY)‘s stock had its “neutral” rating restated by Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $8.00 price target on the stock. Wedbush’s price target indicates a potential upside of 8.84% from the stock’s previous close.

Several other equities research analysts also recently commented on VLY. Morgan Stanley upped their target price on Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, February 7th. Barclays started coverage on shares of Valley National Bancorp in a research note on Friday, March 8th. They issued an “underweight” rating and a $8.00 price target on the stock. Royal Bank of Canada reduced their price target on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, April 9th. TheStreet cut shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th. Finally, Keefe, Bruyette & Woods lowered their price target on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.33.

Valley National Bancorp Stock Performance

Shares of VLY opened at $7.35 on Wednesday. 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 firm has a fifty day moving average of $7.64 and a 200-day moving average of $8.76. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 8.65 and a beta of 1.10. Valley National Bancorp has a 1 year low of $6.97 and a 1 year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results 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 firm earned $0.30 EPS. As a group, equities analysts anticipate that Valley National Bancorp will post 0.87 earnings per share 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 shares were sold at an average price of $8.18, for a total transaction of $406,668.70. Following 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other news, 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 transaction of $127,001.72. Following the sale, the director now directly owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph Chillura sold 49,715 shares of Valley National Bancorp stock in a transaction on Monday, March 11th. The shares were sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the transaction, the executive vice president now owns 545,249 shares in the company, valued at approximately $4,460,136.82. The disclosure for this sale can be found here. 1.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in VLY. GAMMA Investing LLC acquired a new position in shares of Valley National Bancorp during the fourth quarter valued at about $35,000. Wolverine Asset Management LLC purchased a new position in shares of Valley National Bancorp in the 4th quarter worth approximately $40,000. EntryPoint Capital LLC bought a new stake in shares of Valley National Bancorp during the 1st quarter worth $43,000. Simplicity Wealth LLC bought a new position in shares of Valley National Bancorp during the 1st quarter valued at approximately $92,000. Finally, Jump Financial LLC bought a new position in Valley National Bancorp during the third quarter valued at $93,000. 61.00% of the stock is 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.