Piper Sandler Boosts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price target hoisted by Piper Sandler from $9.00 to $10.00 in a research note published on Friday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently commented on VLY. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research note on Friday. Royal Bank of Canada lifted their target price on Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Morgan Stanley raised their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp has a consensus rating of “Hold” and an average price target of $9.63.

Valley National Bancorp Stock Performance

Valley National Bancorp stock opened at $9.27 on Friday. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The stock has a market cap of $4.72 billion, a P/E ratio of 10.91 and a beta of 1.08. The stock has a 50 day moving average of $8.77 and a 200-day moving average of $7.89.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. The firm had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period in the prior year, the firm posted $0.26 EPS. On average, analysts expect that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s payout ratio is 51.76%.

Institutional Investors Weigh In On Valley National Bancorp

Large investors have recently made changes to their positions in the company. Blue Trust Inc. grew its stake in shares of Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after purchasing an additional 1,564 shares in the last quarter. EntryPoint Capital LLC bought a new position in Valley National Bancorp in the 1st quarter valued at about $43,000. Innealta Capital LLC acquired a new position in Valley National Bancorp during the 2nd quarter valued at about $38,000. Hexagon Capital Partners LLC raised its position in shares of Valley National Bancorp by 416.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after buying an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares in the last quarter. Institutional investors and hedge funds 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.