Morgan Stanley Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $16.00

Valley National Bancorp (NASDAQ:VLY – Free Report) had its target price lowered by Morgan Stanley from $17.00 to $16.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other analysts have also commented on VLY. Barclays boosted their price target on Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the company a “market perform” rating in a report on Friday, July 24th. UBS Group set a $17.00 price objective on Valley National Bancorp in a report on Tuesday, July 7th. TD Cowen restated a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Valley National Bancorp in a report on Monday, July 6th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.46.

Get Our Latest Report on VLY

Valley National Bancorp Stock Down 0.8%

NASDAQ VLY opened at $12.62 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average is $14.02 and its two-hundred day moving average is $13.71. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of 10.70 and a beta of 1.03. Valley National Bancorp has a 1-year low of $9.64 and a 1-year high of $15.20.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The company had revenue of $560.74 million during the quarter, compared to the consensus estimate of $557.16 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities analysts forecast that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.5%. Valley National Bancorp’s dividend payout ratio is 37.29%.

Institutional Investors Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of VLY. GAMMA Investing LLC raised its position in Valley National Bancorp by 5.7% in the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock valued at $234,000 after purchasing an additional 863 shares during the last quarter. Rothschild Investment LLC grew its holdings in shares of Valley National Bancorp by 7.3% during the fourth quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock worth $159,000 after purchasing an additional 923 shares during the last quarter. Waverly Advisors LLC grew its holdings in shares of Valley National Bancorp by 5.8% during the first quarter. Waverly Advisors LLC now owns 20,546 shares of the company’s stock worth $252,000 after purchasing an additional 1,124 shares during the last quarter. Assetmark Inc. increased its stake in shares of Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after buying an additional 1,189 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Valley National Bancorp by 3.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 38,985 shares of the company’s stock valued at $455,000 after buying an additional 1,220 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

About Valley National Bancorp

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Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.

Further Reading

Analyst Recommendations for Valley National Bancorp (NASDAQ:VLY)

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