Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $14.00

Valley National Bancorp (NASDAQ:VLY) had its price objective increased by JPMorgan Chase & Co. from $13.00 to $14.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

VLY has been the subject of a number of other research reports. Cantor Fitzgerald initiated coverage on shares of Valley National Bancorp in a research report on Wednesday, September 10th. They set an “overweight” rating and a $12.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Truist Financial boosted their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Jefferies Financial Group raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and boosted their price objective for the company from $11.00 to $14.00 in a research report on Wednesday, September 24th. Finally, Hovde Group initiated coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They issued an “outperform” rating and a $12.50 target price for the company. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.89.

Valley National Bancorp Trading Up 4.0%

Shares of VLY stock opened at $10.98 on Friday. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.28. The firm has a fifty day moving average price of $10.52 and a 200-day moving average price of $9.53. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 12.48 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The firm had revenue of $511.11 million during the quarter, compared to the consensus estimate of $511.47 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed 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. This represents a $0.44 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is 50.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in VLY. GAMMA Investing LLC boosted its holdings in shares of Valley National Bancorp by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock valued at $83,000 after purchasing an additional 1,709 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Valley National Bancorp by 230.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company’s stock valued at $1,314,000 after acquiring an additional 103,159 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Valley National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company’s stock valued at $494,000 after acquiring an additional 1,465 shares during the last quarter. Spire Wealth Management bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $263,000. Finally, Jaffetilchin Investment Partners LLC bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $784,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Company Profile

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.