Valley National Bancorp (NASDAQ:VLY) Receives $12.68 Average PT from Brokerages

Valley National Bancorp (NASDAQ:VLY) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $12.6786.

VLY has been the topic of several recent research reports. Truist Financial raised their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, September 12th. Hovde Group initiated coverage on Valley National Bancorp in a report on Wednesday, September 10th. They set an “outperform” rating and a $12.50 price objective on the stock. Cantor Fitzgerald initiated coverage on Valley National Bancorp in a report on Wednesday, September 10th. They set an “overweight” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Finally, Morgan Stanley raised their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Monday, September 29th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Merit Financial Group LLC lifted its holdings in Valley National Bancorp by 11.9% during the 3rd quarter. Merit Financial Group LLC now owns 30,334 shares of the company’s stock worth $322,000 after buying an additional 3,230 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Valley National Bancorp by 29.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 221,900 shares of the company’s stock worth $2,352,000 after buying an additional 50,500 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Valley National Bancorp in the 3rd quarter worth about $107,000. waypoint wealth counsel bought a new position in shares of Valley National Bancorp in the 3rd quarter worth about $119,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Valley National Bancorp in the 3rd quarter worth about $121,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Trading Down 1.3%

Shares of VLY stock opened at $10.13 on Friday. The stock’s fifty day moving average price is $10.48 and its two-hundred day moving average price is $9.47. The company has a market cap of $5.67 billion, a PE ratio of 12.99 and a beta of 1.12. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.16. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The firm had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter last year, the business posted $0.13 EPS. The company’s revenue was up 9.3% compared to the same quarter last year. Equities analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.44 annualized dividend and a yield of 4.3%. Valley National Bancorp’s payout ratio is presently 56.41%.

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.