Valley National Bancorp (NASDAQ:VLY) PT Lowered to $8.00 at Wedbush

Valley National Bancorp (NASDAQ:VLY) had its price objective decreased by equities researchers at Wedbush from $9.00 to $8.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s target price would suggest a potential upside of 4.85% from the company’s previous close.

Other analysts have also recently issued reports about the company. Royal Bank of Canada lowered their target price on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, April 9th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, February 16th. Barclays began coverage on shares of Valley National Bancorp in a research note on Friday, March 8th. They issued an “underweight” rating and a $8.00 target price for the company. TheStreet downgraded Valley National Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, February 27th. Finally, Keefe, Bruyette & Woods reduced their price objective on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, January 26th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.33.

Valley National Bancorp Trading Down 1.8 %

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

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, April 25th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The firm had revenue of $890.07 million during the quarter, compared to the consensus estimate of $447.38 million. Valley National Bancorp had a net margin of 14.82% and a return on equity of 8.67%. During the same quarter in the prior year, the company earned $0.30 EPS. As a group, analysts forecast that Valley National Bancorp will post 0.93 earnings per share for the current fiscal year.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the firm’s 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 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.88% of the company’s stock.

Institutional Trading of Valley National Bancorp

A number of large investors have recently bought and sold shares of the company. Norges Bank bought a new position in Valley National Bancorp in the 4th quarter worth about $49,734,000. Wellington Management Group LLP grew its stake 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 worth $38,037,000 after acquiring an additional 2,301,128 shares during the period. Dimensional Fund Advisors LP grew its holdings in Valley National Bancorp by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 24,889,858 shares of the company’s stock valued at $270,309,000 after purchasing an additional 1,257,800 shares during the period. LSV Asset Management grew its stake in Valley National Bancorp by 98.2% during the fourth quarter. LSV Asset Management now owns 2,060,631 shares of the company’s stock valued at $22,378,000 after acquiring an additional 1,020,815 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Valley National Bancorp by 7.6% during the third quarter. American Century Companies Inc. now owns 13,025,530 shares of the company’s stock valued at $111,499,000 after purchasing an additional 920,140 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other 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.