Valley National Bancorp (NASDAQ:VLY) Receives $10.67 Consensus PT from Analysts

Shares of Valley National Bancorp (NASDAQ:VLY) have earned an average recommendation of “Hold” from the nine analysts that are presently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.67.

Several analysts recently commented on VLY shares. Royal Bank of Canada boosted their price target on Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Piper Sandler increased their target price 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 reissued a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. Citigroup upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Finally, Barclays lifted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th.

Insiders Place Their Bets

In related news, EVP Joseph Chillura sold 50,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the transaction, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.88% of the company’s stock.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC acquired a new position in shares of Valley National Bancorp in the 3rd quarter valued at approximately $515,000. Hennion & Walsh Asset Management Inc. raised its position in Valley National Bancorp by 17.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company’s stock valued at $323,000 after purchasing an additional 5,181 shares in the last quarter. Intech Investment Management LLC lifted its stake in Valley National Bancorp by 332.7% during the third quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock worth $1,481,000 after purchasing an additional 125,695 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Valley National Bancorp by 41.7% during the third quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company’s stock worth $13,539,000 after purchasing an additional 439,831 shares during the last quarter. Finally, Stifel Financial Corp boosted its holdings in shares of Valley National Bancorp by 66.1% in the 3rd quarter. Stifel Financial Corp now owns 217,312 shares of the company’s stock valued at $1,969,000 after purchasing an additional 86,473 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Stock Down 4.4 %

Shares of VLY opened at $9.84 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The company has a 50-day simple moving average of $9.68 and a 200-day simple moving average of $9.28. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10. The firm has a market capitalization of $5.01 billion, a P/E ratio of 14.26 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period in the prior year, the firm earned $0.22 EPS. On average, equities research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.47%. The ex-dividend date was Friday, December 13th. Valley National Bancorp’s payout ratio is 63.77%.

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.