Valley National Bancorp (NASDAQ:VLY) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Valley National Bancorp (NASDAQ:VLY) from a hold rating to a sell rating in a research report report published on Saturday morning.

Several other research firms also recently weighed in on VLY. Citigroup lifted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Piper Sandler upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 target price for the company in a report on Monday, March 24th. Truist Financial began coverage on shares of Valley National Bancorp in a report on Tuesday, May 13th. They issued a “hold” rating and a $10.00 target price for the company. JPMorgan Chase & Co. lifted 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. Finally, Royal Bank of Canada lifted their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, January 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $10.60.

Valley National Bancorp Trading Down 1.2%

VLY opened at $9.05 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50 day simple moving average is $8.65 and its two-hundred day simple moving average is $9.39. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 13.12 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $479.67 million for the quarter, compared to analyst estimates of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the prior year, the business earned $0.19 EPS. Analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date was Friday, March 14th. Valley National Bancorp’s payout ratio is currently 63.77%.

Institutional Trading of Valley National Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the company. R Squared Ltd bought a new position in shares of Valley National Bancorp during the fourth quarter worth about $25,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Valley National Bancorp during the 1st quarter worth about $35,000. Farther Finance Advisors LLC boosted its stake in Valley National Bancorp by 206.6% during the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company’s stock valued at $38,000 after buying an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Valley National Bancorp in the fourth quarter worth approximately $39,000. Finally, Brown Lisle Cummings Inc. purchased a new stake in shares of Valley National Bancorp during the first quarter valued at $39,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.