Valley National Bancorp (NASDAQ:VLY) Cut to “Market Perform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of Valley National Bancorp (NASDAQ:VLY) from an outperform rating to a market perform rating in a report issued on Monday morning,FinViz reports. They currently have $17.00 price objective on the stock.

A number of other brokerages also recently issued reports on VLY. Barclays increased their price target on shares of Valley National Bancorp from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Tuesday, November 3rd. Weiss Ratings raised shares of Valley National Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. JPMorgan Chase & Co. increased their target price on shares of Valley National Bancorp from $15.50 to $16.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Citigroup lifted their price target on shares of Valley National Bancorp from $18.00 to $18.50 and gave the company a “buy” rating in a research report on Monday, October 26th. Finally, UBS Group boosted their price target on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.86.

Valley National Bancorp Price Performance

Shares of VLY opened at $14.40 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 $13.45 and its two-hundred day moving average is $13.53. The firm has a market capitalization of $7.92 billion, a PE ratio of 11.43 and a beta of 1.09. Valley National Bancorp has a twelve month low of $10.34 and a twelve month high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $581.10 million for the quarter, compared to analyst estimates of $577.82 million. Valley National Bancorp had a return on equity of 9.63% and a net margin of 20.44%. During the same quarter in the prior year, the company posted $0.28 earnings per share. Research analysts anticipate that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, December 15th. Valley National Bancorp’s dividend payout ratio is currently 34.92%.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. raised its position in shares of Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares during the period. Compass Financial Management LLC acquired a new position in shares of Valley National Bancorp in the 2nd quarter valued at about $28,000. Eurizon Capital SGR S.p.A. grew its holdings in shares of Valley National Bancorp by 140.3% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 4,361 shares of the company’s stock worth $56,000 after purchasing an additional 2,546 shares during the period. Root Financial Partners LLC purchased a new stake in shares of Valley National Bancorp during the 3rd quarter worth about $66,000. Finally, Parallel Advisors LLC grew its holdings in shares of Valley National Bancorp by 41.8% during the 1st quarter. Parallel Advisors LLC now owns 6,163 shares of the company’s stock worth $76,000 after purchasing an additional 1,816 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp is a bank holding company whose principal subsidiary, Valley National Bank, provides banking and financial services to individuals, businesses and institutions. Its offerings include deposit accounts, commercial and residential lending, consumer loans, cash management and other business banking services, as well as wealth management and insurance services. Founded in 1927, Valley is headquartered in Morristown, New Jersey. Its banking network serves customers in New Jersey, New York, Florida, Alabama and California, with services also available through digital channels.