Valley National Bancorp (NASDAQ:VLY) Receives $10.00 Average Price Target from Analysts

Valley National Bancorp (NASDAQ:VLY) has been assigned a consensus rating of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $10.00.

VLY has been the topic of a number of analyst reports. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Piper Sandler raised their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Wedbush reaffirmed a “neutral” rating and set a $10.00 target price on shares of Valley National Bancorp in a research report on Friday, October 25th. JPMorgan Chase & Co. upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. Finally, Barclays lifted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th.

Valley National Bancorp Price Performance

NASDAQ VLY opened at $9.25 on Friday. The company has a market cap of $4.71 billion, a PE ratio of 14.92 and a beta of 1.09. The firm’s 50 day moving average price is $9.93 and its 200-day moving average price is $8.68. 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 52-week low of $6.47 and a 52-week high of $11.12.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The firm had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. During the same period in the previous year, the company posted $0.26 EPS. Sell-side analysts forecast that Valley National Bancorp will post 0.65 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.76%. Valley National Bancorp’s payout ratio is currently 70.97%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. acquired a new position in shares of Valley National Bancorp in the third quarter worth about $25,000. Innealta Capital LLC purchased a new position in shares of Valley National Bancorp in the 2nd quarter valued at about $38,000. Blue Trust Inc. raised its holdings in Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after purchasing an additional 1,564 shares during the period. Hexagon Capital Partners LLC boosted its position in Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after purchasing an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after purchasing an additional 2,151 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

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.