Valley National Bancorp (NASDAQ:VLY) Receives Consensus Rating of “Hold” from Analysts

Valley National Bancorp (NASDAQ:VLY) has earned a consensus rating of “Hold” from the nine research firms that are presently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $10.39.

VLY has been the subject of a number of research analyst reports. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Royal Bank of Canada raised their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. cut their price objective on Valley National Bancorp from $11.50 to $10.50 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Barclays raised their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Finally, Piper Sandler lifted their price target 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.

Valley National Bancorp Trading Down 0.4 %

Shares of VLY stock opened at $9.80 on Thursday. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The firm has a market capitalization of $4.99 billion, a PE ratio of 15.81 and a beta of 1.12. The stock has a fifty day simple moving average of $9.76 and a two-hundred day simple moving average of $9.02.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) 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 business had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. During the same quarter in the prior year, the business posted $0.26 EPS. On average, analysts predict that Valley National Bancorp will post 0.64 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Friday, December 13th. Valley National Bancorp’s dividend payout ratio is presently 70.97%.

Institutional Trading of Valley National Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of Valley National Bancorp by 384.2% in the 3rd quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock valued at $81,276,000 after buying an additional 7,118,044 shares in the last quarter. AQR Capital Management LLC boosted its stake in Valley National Bancorp by 193.2% in the second 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. boosted its stake in Valley National Bancorp by 1,501.7% in the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after acquiring an additional 5,322,278 shares in the last quarter. Millennium Management LLC boosted its stake in 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 acquiring an additional 2,522,204 shares in the last quarter. Finally, Basswood Capital Management L.L.C. acquired a new stake in Valley National Bancorp in the third quarter valued at approximately $19,399,000. 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.