Valley National Bancorp (NASDAQ:VLY) Given Average Rating of “Hold” by Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have earned a consensus rating of “Hold” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold recommendation and one has assigned 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 $9.75.

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. boosted 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 Wednesday, October 9th. Piper Sandler upped their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Barclays raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $9.00 to $10.00 in a report on Thursday. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $9.42 on Friday. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The business has a 50-day moving average of $8.89 and a two-hundred day moving average of $7.96. The stock has a market capitalization of $4.80 billion, a P/E ratio of 15.19 and a beta of 1.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The business had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same quarter in the previous year, the firm earned $0.26 EPS. On average, equities research analysts predict that Valley National Bancorp will post 0.67 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently added to or reduced their stakes in VLY. State of Michigan Retirement System lifted its stake in Valley National Bancorp by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after purchasing an additional 2,500 shares during the last quarter. Retirement Systems of Alabama lifted its stake in Valley National Bancorp by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock valued at $4,263,000 after purchasing an additional 1,435 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Valley National Bancorp by 378.4% in the 1st quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after purchasing an additional 484,332 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in Valley National Bancorp in the 1st quarter valued at about $160,000. Finally, Texas Permanent School Fund Corp lifted its position in Valley National Bancorp by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 373,248 shares of the company’s stock worth $2,971,000 after acquiring an additional 4,853 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

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.