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

Shares of Valley National Bancorp (NASDAQ:VLY) have received an average rating of “Hold” from the nine brokerages that are covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $10.67.

A number of analysts have issued reports on VLY shares. Royal Bank of Canada raised their target price on Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Barclays raised their target price on 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. Stephens reaffirmed an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research note on Thursday, January 2nd. JPMorgan Chase & Co. raised their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Finally, Citigroup raised their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th.

Valley National Bancorp Trading Down 2.3 %

Shares of VLY stock opened at $8.99 on Friday. The stock’s fifty day moving average is $9.64 and its two-hundred day moving average is $9.46. 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 firm has a market capitalization of $5.04 billion, a P/E ratio of 13.03 and a beta of 1.11. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share 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 previous year, the business posted $0.22 earnings per share. Research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.89%. The ex-dividend date of this dividend is Friday, March 14th. Valley National Bancorp’s dividend payout ratio is currently 63.77%.

Insider Buying and Selling at Valley National Bancorp

In other news, EVP Joseph Chillura sold 50,000 shares of Valley National Bancorp stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now owns 495,249 shares in the company, valued at approximately $5,056,492.29. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in VLY. Harbor Capital Advisors Inc. purchased a new position in shares of Valley National Bancorp in the 3rd quarter valued at about $25,000. R Squared Ltd purchased a new stake in Valley National Bancorp during the fourth quarter worth approximately $25,000. Point72 Hong Kong Ltd purchased a new stake in Valley National Bancorp during the fourth quarter worth approximately $39,000. Optiver Holding B.V. lifted its stake in Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company’s stock worth $46,000 after purchasing an additional 2,271 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Valley National Bancorp by 557.0% during the third quarter. International Assets Investment Management LLC now owns 8,679 shares of the company’s stock worth $79,000 after purchasing an additional 7,358 shares during the last quarter. Hedge funds and other 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.