Valley National Bancorp (NASDAQ:VLY – Get Free Report) has earned an average rating of “Moderate Buy” from the seventeen brokerages that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $15.10.
A number of equities analysts have commented on VLY shares. Cantor Fitzgerald boosted their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Hovde Group upped their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. TD Cowen upped their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Barclays upped their target price on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, January 30th. Finally, Royal Bank Of Canada upped their target price on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th.
Check Out Our Latest Analysis on VLY
Valley National Bancorp Price Performance
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same period in the previous year, the business earned $0.18 earnings per share. On average, equities analysts anticipate that Valley National Bancorp will post 1.29 EPS for the current fiscal year.
Valley National Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, March 13th. Valley National Bancorp’s dividend payout ratio is presently 39.64%.
Insider Buying and Selling
In other Valley National Bancorp news, Director Carlos J. Vazquez acquired 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the acquisition, the director directly owned 4,252 shares of the company’s stock, valued at approximately $57,189.40. This represents a 142.69% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Russell Barrett sold 90,537 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the transaction, the chief operating officer owned 64,167 shares in the company, valued at $868,821.18. This represents a 58.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.06% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Valley National Bancorp
Several large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Valley National Bancorp by 4.7% in the first quarter. PNC Financial Services Group Inc. now owns 92,613 shares of the company’s stock worth $1,137,000 after purchasing an additional 4,119 shares during the period. Parallel Advisors LLC raised its holdings in Valley National Bancorp by 41.8% in the first 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. Greenwood Gearhart LLC acquired a new stake in Valley National Bancorp in the first quarter worth $233,000. California Public Employees Retirement System raised its holdings in Valley National Bancorp by 11.2% in the first quarter. California Public Employees Retirement System now owns 972,581 shares of the company’s stock worth $11,943,000 after purchasing an additional 97,699 shares during the period. Finally, Assetmark Inc. raised its holdings in Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after purchasing an additional 1,189 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.
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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