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

Valley National Bancorp (NASDAQ:VLY) had its price objective reduced by analysts at Barclays from $11.00 to $10.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 26.94% from the company’s previous close.

A number of other equities research analysts also recently issued reports on VLY. Royal Bank of Canada boosted their price target on Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. JPMorgan Chase & Co. upped their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Stephens reiterated an “overweight” rating and set a $12.50 price target on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Piper Sandler upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price objective for the company in a research note on Monday, March 24th. Finally, StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus price target of $10.67.

Valley National Bancorp Stock Performance

NASDAQ:VLY traded down $0.23 during mid-day trading on Tuesday, reaching $7.88. The company’s stock had a trading volume of 12,720,836 shares, compared to its average volume of 6,852,489. The stock has a market cap of $4.41 billion, a P/E ratio of 11.41 and a beta of 1.06. The firm’s fifty day moving average price is $9.40 and its two-hundred day moving average price is $9.51. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the previous year, the business earned $0.22 EPS. On average, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the sale, the executive vice president now directly owns 495,249 shares of the company’s stock, valued at $5,056,492.29. The trade was a 9.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Valley National Bancorp by 9.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,527 shares of the company’s stock valued at $104,000 after purchasing an additional 1,002 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Valley National Bancorp by 2.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company’s stock worth $406,000 after purchasing an additional 1,024 shares in the last quarter. United Services Automobile Association boosted its holdings in Valley National Bancorp by 3.7% in the fourth quarter. United Services Automobile Association now owns 28,702 shares of the company’s stock worth $260,000 after acquiring an additional 1,029 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Valley National Bancorp by 2.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 48,118 shares of the company’s stock worth $436,000 after purchasing an additional 1,046 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Valley National Bancorp by 12.0% during the fourth quarter. Empowered Funds LLC now owns 12,812 shares of the company’s stock valued at $116,000 after buying an additional 1,371 shares during the last quarter. 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.