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

Valley National Bancorp (NASDAQ:VLY) had its price target decreased by Royal Bank of Canada from $9.00 to $8.00 in a research report report published on Tuesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a neutral rating for the company in a research note on Thursday, June 27th. Barclays lowered their price target on Valley National Bancorp from $8.00 to $7.00 and set an underweight rating for the company in a report on Monday, June 24th. Keefe, Bruyette & Woods restated a market perform rating and issued a $8.00 price target (down previously from $12.00) on shares of Valley National Bancorp in a report on Friday, May 31st. StockNews.com upgraded Valley National Bancorp from a sell rating to a hold rating in a report on Friday, May 17th. Finally, Wedbush restated a neutral rating and issued a $8.00 price target on shares of Valley National Bancorp in a report on Wednesday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $8.44.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $7.48 on Tuesday. The company has a market cap of $3.81 billion, a P/E ratio of 8.80 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. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The business has a fifty day moving average of $7.11 and a two-hundred day moving average of $8.14.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.01). The firm had revenue of $890.07 million for the quarter, compared to analyst estimates 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 last year, the firm earned $0.30 EPS. As a group, analysts predict that Valley National Bancorp will post 0.85 earnings per share 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. Stockholders of record on Thursday, June 13th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.88%. The ex-dividend date was Thursday, June 13th. Valley National Bancorp’s payout ratio is currently 51.76%.

Insider Transactions at Valley National Bancorp

In other news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction dated 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 sale, the director now owns 224,679 shares in the company, valued at approximately $1,734,521.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Valley National Bancorp news, Director Andrew B. Abramson sold 16,451 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 224,679 shares in the company, valued at approximately $1,734,521.88. The transaction 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 the company’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 transaction, the executive vice president now owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,451 shares of company stock worth $378,452. 1.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Valley National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Xponance Inc. boosted its holdings in Valley National Bancorp by 2.1% in the 4th quarter. Xponance Inc. now owns 62,924 shares of the company’s stock worth $683,000 after acquiring an additional 1,286 shares during the period. Retirement Systems of Alabama boosted its holdings in Valley National Bancorp by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock worth $4,263,000 after acquiring an additional 1,435 shares during the period. Strs Ohio boosted its holdings in Valley National Bancorp by 5.4% in the 4th quarter. Strs Ohio now owns 38,800 shares of the company’s stock worth $421,000 after acquiring an additional 2,000 shares during the period. State of Michigan Retirement System boosted its holdings in Valley National Bancorp by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after acquiring an additional 2,500 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Valley National Bancorp by 2.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 122,700 shares of the company’s stock valued at $977,000 after purchasing an additional 2,900 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

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.