Valley National Bancorp (NASDAQ:VLY) Price Target Cut to $10.00 by Analysts at Barclays

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its price target decreased by research analysts at Barclays from $11.00 to $10.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price objective suggests a potential upside of 27.06% from the stock's current price.

VLY has been the subject of several other reports. Royal Bank of Canada increased their price target on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. StockNews.com downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Thursday, April 3rd. Stephens reiterated an "overweight" rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd. JPMorgan Chase & Co. upped their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research note on Friday, January 24th. Finally, Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Valley National Bancorp presently has an average rating of "Hold" and an average target price of $10.67.

Remove Ads

Valley National Bancorp Stock Performance

NASDAQ:VLY traded down $0.17 during mid-day trading on Tuesday, reaching $7.87. 15,743,249 shares of the stock were exchanged, compared to its average volume of 7,020,993. The company has a 50 day simple moving average of $9.15 and a 200-day simple moving average of $9.47. The stock has a market capitalization of $4.41 billion, a P/E ratio of 11.41 and a beta of 1.06. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period last year, the firm posted $0.22 earnings per share. Analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Insider Activity at Valley National Bancorp

In related news, EVP Joseph Chillura sold 50,000 shares of the company's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.88% of the company's stock.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Valley National Bancorp in the 4th quarter worth $31,490,000. Xponance Inc. lifted its holdings in Valley National Bancorp by 13.7% in the 4th quarter. Xponance Inc. now owns 66,588 shares of the company's stock worth $603,000 after buying an additional 8,032 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in Valley National Bancorp by 17.0% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company's stock valued at $323,000 after purchasing an additional 5,181 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Valley National Bancorp by 27.8% in the fourth quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock worth $55,278,000 after buying an additional 1,327,829 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Valley National Bancorp by 41.7% during the third quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company's stock worth $13,539,000 after purchasing an additional 439,831 shares during 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.