Shares of Valley National Bancorp (NASDAQ:VLY – Get Free Report) have received an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $16.0333.
A number of research firms have commented on VLY. National Bank Financial set a $17.50 target price on shares of Valley National Bancorp in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their price target 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. Barclays raised their price target on Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. cut their price objective on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Finally, UBS Group set a $17.00 price objective on Valley National Bancorp in a research report on Tuesday, July 7th.
Get Our Latest Stock Report on Valley National Bancorp
Valley National Bancorp Stock Performance
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). The company had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.23 earnings per share. As a group, analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current year.
Valley National Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp’s payout ratio is currently 37.29%.
Insider Activity
In other news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the sale, the chief accounting officer owned 76,116 shares of the company’s stock, valued at $1,113,577.08. This represents a 25.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.06% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Valley National Bancorp
Institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its position in Valley National Bancorp by 24.5% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after purchasing an additional 855 shares during the period. GAMMA Investing LLC lifted its position in shares of Valley National Bancorp by 5.7% in the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock worth $234,000 after purchasing an additional 863 shares during the period. Ritholtz Wealth Management lifted its position in shares of Valley National Bancorp by 5.6% in the 4th quarter. Ritholtz Wealth Management now owns 16,652 shares of the company’s stock worth $194,000 after purchasing an additional 888 shares during the period. Bank of Montreal Can boosted its stake in shares of Valley National Bancorp by 2.1% during the fourth quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock valued at $513,000 after purchasing an additional 918 shares in the last quarter. Finally, Rothschild Investment LLC boosted its stake 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 valued at $159,000 after purchasing an additional 923 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.
About Valley National Bancorp
Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.
Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.
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