Valley National Bancorp (NASDAQ:VLY) Receives $8.31 Consensus Target Price from Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have been given an average recommendation of “Hold” by the eight brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $8.31.

Several research analysts have recently weighed in on the company. Morgan Stanley upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $8.00 to $9.50 in a research note on Monday, August 5th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. JPMorgan Chase & Co. dropped their price target on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Barclays reduced their price objective on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Finally, Keefe, Bruyette & Woods increased their target price on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Natixis Advisors L.P. purchased a new stake in Valley National Bancorp in the fourth quarter valued at approximately $272,000. Forum Financial Management LP lifted its holdings in shares of Valley National Bancorp by 40.4% during the 4th quarter. Forum Financial Management LP now owns 17,173 shares of the company’s stock worth $186,000 after acquiring an additional 4,941 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Valley National Bancorp by 54.9% during the 4th quarter. Quadrant Capital Group LLC now owns 15,707 shares of the company’s stock worth $171,000 after acquiring an additional 5,568 shares during the last quarter. First Eagle Investment Management LLC purchased a new position in Valley National Bancorp in the fourth quarter worth $4,326,000. Finally, Norges Bank bought a new position in Valley National Bancorp in the fourth quarter valued at $49,734,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 4.4 %

VLY opened at $8.52 on Friday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company’s 50-day moving average price is $8.06 and its two-hundred day moving average price is $7.63. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 10.02 and a beta of 1.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The firm had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter in the previous year, the company posted $0.28 EPS. As a group, equities analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.16%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 51.76%.

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.