Valley National Bancorp (NASDAQ:VLY) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have been given an average recommendation of “Hold” by the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $9.75.

A number of research firms recently weighed in on VLY. Royal Bank of Canada lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Morgan Stanley lifted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Piper Sandler boosted 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 note on Friday, October 25th. JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Valley National Bancorp in a report on Friday, October 25th.

Valley National Bancorp Price Performance

Shares of VLY opened at $9.96 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The firm has a 50-day simple moving average of $8.99 and a 200-day simple moving average of $8.03. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 16.06 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The company had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same period last year, the firm earned $0.26 EPS. On average, equities research analysts anticipate that Valley National Bancorp will post 0.66 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of VLY. Dimensional Fund Advisors LP increased its position in shares of Valley National Bancorp by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock valued at $179,537,000 after buying an additional 337,416 shares in the last quarter. AQR Capital Management LLC increased its holdings in Valley National Bancorp by 193.2% during the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after acquiring an additional 6,703,552 shares in the last quarter. Victory Capital Management Inc. raised its position in Valley National Bancorp by 1,501.7% during the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after acquiring an additional 5,322,278 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Valley National Bancorp by 995.0% in the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after purchasing an additional 2,522,204 shares in the last quarter. Finally, Leeward Investments LLC MA lifted its holdings in shares of Valley National Bancorp by 5.6% in the second quarter. Leeward Investments LLC MA now owns 1,900,986 shares of the company’s stock valued at $13,269,000 after purchasing an additional 101,099 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

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.