Brokerages Set Valley National Bancorp (NASDAQ:VLY) PT at $16.03

Valley National Bancorp (NASDAQ:VLY) has earned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $16.0333.

VLY has been the subject of several analyst reports. Piper Sandler raised their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research report on Friday, June 26th. Morgan Stanley reaffirmed a “positive” rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Truist Financial increased their target price on Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a research note on Friday, July 10th. Barclays lifted their target price on Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, June 17th.

Valley National Bancorp Stock Performance

Shares of VLY opened at $15.01 on Friday. Valley National Bancorp has a 1-year low of $9.64 and a 1-year high of $15.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm’s 50-day moving average price is $14.54 and its 200-day moving average price is $13.52. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 12.72 and a beta of 1.04.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $560.74 million during the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.Valley National Bancorp’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 EPS. Sell-side analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio is presently 37.29%.

Insider Transactions at Valley National Bancorp

In other news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at $1,113,577.08. This represents a 25.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.06% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC bought a new position in shares of Valley National Bancorp in the first quarter worth approximately $26,000. Assetmark Inc. raised its position in shares of Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after purchasing an additional 1,189 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Valley National Bancorp during the 4th quarter valued at $26,000. Compass Financial Management LLC purchased a new position in shares of Valley National Bancorp during the 2nd quarter valued at $28,000. Finally, First Horizon Corp lifted its stake in shares of Valley National Bancorp by 52.5% during the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

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.