Royal Bank of Canada Trims Valley National Bancorp (NASDAQ:VLY) Target Price to $10.00

Valley National Bancorp (NASDAQ:VLY) had its target price cut by Royal Bank of Canada from $12.00 to $10.00 in a report published on Tuesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts have also recently commented on the company. JPMorgan Chase & Co. cut their price target on Valley National Bancorp from $12.00 to $9.00 and set a neutral rating on the stock in a research note on Thursday, April 4th. TheStreet cut Valley National Bancorp from a b- rating to a c+ rating in a research note on Tuesday, February 27th. Citigroup cut their price target on Valley National Bancorp from $11.00 to $8.50 and set a neutral rating on the stock in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their price objective on Valley National Bancorp from $13.00 to $12.00 and set an outperform rating for the company in a report on Friday, January 26th. Finally, Wedbush lowered their price objective on Valley National Bancorp from $12.00 to $11.00 and set a neutral rating for the company in a report on Friday, January 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $9.67.

Valley National Bancorp Trading Up 0.8 %

Shares of VLY opened at $7.38 on Tuesday. The stock’s 50-day moving average is $8.02 and its two-hundred day moving average is $8.87. The stock has a market cap of $3.76 billion, a PE ratio of 7.77 and a beta of 1.09. Valley National Bancorp has a 12 month low of $6.39 and a 12 month 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.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, January 25th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.03). The company had revenue of $449.97 million for the quarter, compared to analyst estimates of $467.49 million. Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. During the same quarter in the prior year, the firm earned $0.35 EPS. Equities analysts forecast that Valley National Bancorp will post 0.95 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Thursday, March 14th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.96%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 46.32%.

Insider Buying and Selling

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the sale, the executive vice president now directly owns 545,249 shares in the company, valued at $4,460,136.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.71% of the company’s stock.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Trexquant Investment LP lifted its position in shares of Valley National Bancorp by 111.5% during the 3rd quarter. Trexquant Investment LP now owns 70,824 shares of the company’s stock valued at $606,000 after acquiring an additional 37,331 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Valley National Bancorp by 107.4% in the third quarter. Wellington Management Group LLP now owns 4,443,543 shares of the company’s stock valued at $38,037,000 after purchasing an additional 2,301,128 shares in the last quarter. UBS Group AG lifted its holdings in shares of Valley National Bancorp by 155.7% in the third quarter. UBS Group AG now owns 308,603 shares of the company’s stock valued at $2,642,000 after purchasing an additional 187,917 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Valley National Bancorp by 0.8% in the third quarter. Vanguard Group Inc. now owns 45,427,144 shares of the company’s stock valued at $388,856,000 after purchasing an additional 356,880 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Valley National Bancorp by 10.6% in the third quarter. Sei Investments Co. now owns 1,455,237 shares of the company’s stock valued at $12,457,000 after purchasing an additional 138,906 shares in the last quarter. 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.