Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $9.00

Valley National Bancorp (NASDAQ:VLY) had its price target raised by Barclays from $8.00 to $9.00 in a report issued on Friday morning, Benzinga reports. The firm currently has an underweight rating on the stock.

VLY has been the subject of a number of other reports. Piper Sandler increased 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. Keefe, Bruyette & Woods increased their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a 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 increased their price target on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Wedbush reissued a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $9.63.

Valley National Bancorp Stock Up 3.0 %

Shares of Valley National Bancorp stock opened at $9.55 on Friday. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The business has a 50-day moving average of $8.80 and a two-hundred day moving average of $7.91. The company has a market capitalization of $4.86 billion, a P/E ratio of 15.40 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 announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same period in the prior year, the company earned $0.26 earnings per share. As a group, equities analysts predict that Valley National Bancorp will post 0.67 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.11 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.61%. Valley National Bancorp’s payout ratio is 70.97%.

Institutional Trading of Valley National Bancorp

Hedge funds have recently made changes to their positions in the business. Retirement Systems of Alabama increased its stake in shares of Valley National Bancorp by 0.3% during the first quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock worth $4,263,000 after purchasing an additional 1,435 shares during the period. Diversified Trust Co increased its stake in shares of Valley National Bancorp by 11.1% during the second quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock worth $100,000 after purchasing an additional 1,435 shares during the period. Blue Trust Inc. increased its stake in shares of Valley National Bancorp by 48.2% during 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 during the period. GAMMA Investing LLC increased its stake in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after purchasing an additional 2,151 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its stake in shares of Valley National Bancorp by 7.6% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock worth $276,000 after purchasing an additional 2,154 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

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.