Valley National Bancorp (NASDAQ:VLY) Receives $9.88 Average Price Target from Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have been given a consensus recommendation of “Hold” by the eight brokerages that are covering the firm, Marketbeat reports. Six analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $9.88.

Several research firms have commented on VLY. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $9.00 to $10.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $10.50 to $11.00 in a report on Monday, November 11th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Royal Bank of Canada lifted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Finally, Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th.

Institutional Trading of Valley National Bancorp

A number of institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC lifted its holdings in shares of Valley National Bancorp by 170.0% in the third quarter. Sanctuary Advisors LLC now owns 67,861 shares of the company’s stock worth $615,000 after buying an additional 42,731 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new position in Valley National Bancorp in the 3rd quarter valued at $154,000. Geode Capital Management LLC increased its stake in Valley National Bancorp by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock worth $101,170,000 after acquiring an additional 300,385 shares during the last quarter. Kovitz Investment Group Partners LLC raised its stake in Valley National Bancorp by 14.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 20,337 shares of the company’s stock valued at $179,000 after purchasing an additional 2,585 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in 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 valued at $81,276,000 after purchasing an additional 7,118,044 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Trading Down 0.4 %

NASDAQ VLY opened at $10.64 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.42 billion, a P/E ratio of 17.16 and a beta of 1.07. The business has a fifty day simple moving average of $9.57 and a 200 day simple moving average of $8.34. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. On average, analysts predict that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend is Friday, December 13th. 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.