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

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

A number of equities analysts recently weighed in on VLY shares. 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. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. reduced their price target on Valley National Bancorp from $11.50 to $10.50 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Citigroup cut their price objective on Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, December 31st. Finally, Piper Sandler increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew 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 worth $81,276,000 after buying an additional 7,118,044 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after purchasing an additional 6,703,552 shares in the last quarter. Victory Capital Management Inc. increased its position in Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after purchasing an additional 5,322,278 shares during the period. Millennium Management LLC lifted its position in shares of Valley National Bancorp by 995.0% in the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after purchasing an additional 2,522,204 shares during the period. Finally, Basswood Capital Management L.L.C. acquired a new stake in shares of Valley National Bancorp during the third quarter worth $19,399,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Trading Up 4.8 %

Shares of VLY opened at $9.55 on Thursday. The stock’s fifty day simple moving average is $9.82 and its 200-day simple moving average is $8.91. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $4.86 billion, a PE ratio of 15.40 and a beta of 1.12. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $921.22 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $0.26 earnings per share. As a group, research analysts predict that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.61%. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

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.