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

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

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Valley National Bancorp from $8.50 to $8.00 and set a neutral rating on the stock in a report on Thursday, June 27th. Keefe, Bruyette & Woods reissued a market perform rating and issued a $8.00 price target (down from $12.00) on shares of Valley National Bancorp in a report on Friday, May 31st. StockNews.com raised shares of Valley National Bancorp from a sell rating to a hold rating in a report on Friday, May 17th. Wedbush reissued a neutral rating and issued a $8.00 price target on shares of Valley National Bancorp in a report on Wednesday, May 22nd. Finally, Citigroup lowered their price target on shares of Valley National Bancorp from $11.00 to $8.50 and set a neutral rating on the stock in a report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $8.44.

Valley National Bancorp Trading Down 1.6 %

NASDAQ VLY opened at $7.36 on Tuesday. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The business’s fifty day moving average is $7.10 and its 200-day moving average is $8.11. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 8.66 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.00 and a quick ratio of 1.00.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. The firm had revenue of $890.07 million during the quarter, compared to the consensus estimate of $447.38 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share. Equities research analysts predict that Valley National Bancorp will post 0.85 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Thursday, June 13th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.98%. The ex-dividend date was Thursday, June 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 51.76%.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, Director Andrew B. Abramson sold 16,451 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total transaction of $127,001.72. Following the transaction, the director now directly owns 224,679 shares in the company, valued at $1,734,521.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Valley National Bancorp news, EVP Joseph Chillura sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $7.43, for a total transaction of $185,750.00. Following the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at $74,300. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew B. Abramson sold 16,451 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total transaction of $127,001.72. Following the transaction, the director now owns 224,679 shares in the company, valued at $1,734,521.88. The disclosure for this sale can be found here. Insiders have sold 51,451 shares of company stock worth $378,452 over the last ninety days. Insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ignite Planners LLC grew its holdings in shares of Valley National Bancorp by 17.6% in the second quarter. Ignite Planners LLC now owns 62,937 shares of the company’s stock worth $414,000 after purchasing an additional 9,424 shares during the last quarter. Linden Thomas Advisory Services LLC grew its holdings in shares of Valley National Bancorp by 7.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 58,158 shares of the company’s stock worth $406,000 after purchasing an additional 4,069 shares during the last quarter. Keynote Financial Services LLC bought a new position in shares of Valley National Bancorp in the first quarter worth approximately $239,000. IMS Capital Management bought a new position in shares of Valley National Bancorp in the first quarter worth approximately $244,000. Finally, Cetera Advisors LLC bought a new position in shares of Valley National Bancorp in the first quarter worth approximately $229,000. 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.