Valley National Bancorp (NASDAQ:VLY) Receives $8.63 Average Price Target from Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have received an average recommendation of “Hold” from the eight research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $8.88.

A number of research firms have recently weighed in on VLY. Wedbush upped their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Royal Bank of Canada increased their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. increased their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th.

Valley National Bancorp Stock Performance

VLY opened at $9.21 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The business has a 50 day moving average of $8.54 and a 200-day moving average of $7.79. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 10.84 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The company had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter last year, the business earned $0.28 earnings per share. On average, equities research analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.11 per share. The ex-dividend date was Friday, September 13th. This represents a $0.44 annualized dividend and a yield of 4.78%. Valley National Bancorp’s dividend payout ratio is currently 51.76%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning lifted its stake in Valley National Bancorp by 30.3% during the third quarter. Creative Planning now owns 63,665 shares of the company’s stock worth $577,000 after purchasing an additional 14,794 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in Valley National Bancorp by 416.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after buying an additional 5,001 shares during the last quarter. CWM LLC boosted its stake in Valley National Bancorp by 171.9% in the third quarter. CWM LLC now owns 22,232 shares of the company’s stock worth $201,000 after buying an additional 14,054 shares in the last quarter. Ignite Planners LLC grew its position in Valley National Bancorp by 3.4% during the third quarter. Ignite Planners LLC now owns 65,107 shares of the company’s stock valued at $590,000 after acquiring an additional 2,170 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after acquiring an additional 2,151 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 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.