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

Valley National Bancorp (NASDAQ:VLY) had its price target dropped by stock analysts at Royal Bank of Canada from $12.00 to $10.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 25.63% from the company’s current price.

A number of other research analysts have also weighed in on VLY. JPMorgan Chase & Co. reduced their target price 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. TheStreet lowered Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th. Wedbush reduced their target price 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. Barclays started coverage on Valley National Bancorp in a report on Friday, March 8th. They set an “underweight” rating and a $8.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on Valley National Bancorp from $8.50 to $9.00 and gave the stock an “underweight” rating in a report on Wednesday, February 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp has an average rating of “Hold” and an average price target of $9.67.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded up $0.19 during mid-day trading on Tuesday, reaching $7.96. 1,795,237 shares of the company’s stock were exchanged, compared to its average volume of 6,195,631. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 8.38 and a beta of 1.09. Valley National Bancorp has a 52 week low of $6.39 and a 52 week 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. The firm has a 50-day moving average price of $8.15 and a two-hundred day moving average price of $8.89.

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

Insider Buying and Selling

In other news, EVP Joseph Chillura sold 49,715 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $4,460,136.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

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