Brokerages Set Valley National Bancorp (NASDAQ:VLY) PT at $9.88

Valley National Bancorp (NASDAQ:VLY) has been assigned an average recommendation of “Hold” from the eight analysts that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $9.88.

Several equities research analysts have recently weighed in on VLY shares. Morgan Stanley increased their price objective on 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. Royal Bank of Canada raised their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Piper Sandler 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 Friday, October 25th. Wedbush reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $10.50 to $11.00 in a research note on Monday, November 11th.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $10.64 on Wednesday. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. The firm has a fifty day simple moving average of $9.57 and a 200-day simple moving average of $8.34. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 17.16 and a beta of 1.07.

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

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.14%. The ex-dividend date is Friday, December 13th. Valley National Bancorp’s payout ratio is currently 70.97%.

Institutional Trading of Valley National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in VLY. Sanctuary Advisors LLC increased its holdings in shares of Valley National Bancorp by 170.0% in the third quarter. Sanctuary Advisors LLC now owns 67,861 shares of the company’s stock valued at $615,000 after purchasing an additional 42,731 shares in the last quarter. Pine Valley Investments Ltd Liability Co acquired a new stake in shares of Valley National Bancorp in the 3rd quarter valued at $154,000. Geode Capital Management LLC increased its stake in shares of Valley National Bancorp by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock valued at $101,170,000 after buying an additional 300,385 shares during the period. Kovitz Investment Group Partners LLC raised its position in shares of Valley National Bancorp by 14.6% during the third quarter. Kovitz Investment Group Partners LLC now owns 20,337 shares of the company’s stock worth $179,000 after acquiring an additional 2,585 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Valley National Bancorp by 384.2% during the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock valued at $81,276,000 after acquiring an additional 7,118,044 shares during the period. 61.00% of the stock is currently 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.