Brokerages Set Valley National Bancorp (NASDAQ:VLY) PT at $15.93

Shares of Valley National Bancorp (NASDAQ:VLY) have earned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $15.9333.

VLY has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Valley National Bancorp from $15.00 to $17.50 and gave the company an “overweight” rating in a report on Wednesday, July 1st. National Bank Financial set a $17.50 price target on shares of Valley National Bancorp in a research note on Wednesday, July 1st. Cantor Fitzgerald raised their price objective on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Truist Financial lifted their price objective on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Morgan Stanley reaffirmed a “positive” rating on shares of Valley National Bancorp in a report on Monday, June 29th.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, COO Russell Barrett sold 90,537 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the sale, the chief operating officer directly owned 64,167 shares of the company’s stock, valued at $868,821.18. This represents a 58.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares of the company’s stock, valued at $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cedar Mountain Advisors LLC purchased a new position in Valley National Bancorp during the 1st quarter worth $26,000. Assetmark Inc. increased its stake in shares of Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after acquiring an additional 1,189 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Valley National Bancorp during the fourth quarter worth about $26,000. First Horizon Corp raised its holdings in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after purchasing an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in Valley National Bancorp during the fourth quarter worth about $39,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 1.1%

Shares of NASDAQ VLY opened at $14.52 on Monday. The business has a 50-day moving average price of $14.16 and a 200 day moving average price of $13.21. The stock has a market cap of $8.05 billion, a PE ratio of 13.08 and a beta of 1.03. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 52-week low of $8.95 and a 52-week high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 1.3 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp’s payout ratio is 39.64%.

Valley National Bancorp Company Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.