Valley National Bancorp dips after KBW downgrades to 'market perform', cuts PT

Valley National Bancorp

31/05/2024 14:34

(Updates)
    ** Shares of regional lender Valley National Bancorp  VLY.O 
fall 1.3% to $6.86
    ** KBW downgrades VLY to "market perform" from "outperform";
cuts PT to $8 from $12, which still represents a 15.1% upside to
the last close
    ** Brokerage says there is no easy fix to VLY's balance
sheet and that material progress will take significant time
    ** VLY stock is cheap but balance sheet drives valuations
for banks with $50 bln to $100 bln assets - KBW
    ** Regional banks with exposure to the beleaguered
commercial real estate sector have come under investor scrutiny
after New York Community Bancorp's  NYCB.N  recent turmoil
    ** KBW says VLY faces an uphill battle that is likely to
continue to weigh on valuation
    ** Four of 12 brokerages rate the stock "buy" or higher, six
"hold" and two "sell"; their median PT is $9 - LSEG
    ** As of last close, VLY shares down 36% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))