Valley National Bancorp (NASDAQ:VLY) Hits New 52-Week High – Here’s Why

Shares of Valley National Bancorp (NASDAQ:VLY) hit a new 52-week high during trading on Monday . The stock traded as high as $14.70 and last traded at $14.7150, with a volume of 355651 shares. The stock had previously closed at $14.63.

Wall Street Analyst Weigh In

VLY has been the topic of several research analyst reports. TD Cowen increased their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, April 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $16.00 target price (up from $15.50) on shares of Valley National Bancorp in a research report on Monday, April 27th. Hovde Group increased their target price on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Royal Bank Of Canada lifted their price target on Valley National Bancorp from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. boosted their price target on Valley National Bancorp from $14.50 to $15.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.13.

Valley National Bancorp Stock Performance

The stock has a market cap of $7.98 billion, a P/E ratio of 12.97 and a beta of 1.04. 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 stock has a 50 day simple moving average of $13.40 and a 200 day simple moving average of $12.64.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (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 period in the prior year, the firm posted $0.18 EPS. On average, equities analysts expect that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 annualized dividend and a yield of 3.1%. Valley National Bancorp’s dividend payout ratio is currently 39.64%.

Insider Activity

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

Institutional Investors Weigh In On Valley National Bancorp

A number of large investors have recently modified their holdings of VLY. Oliver Luxxe Assets LLC bought a new position in Valley National Bancorp during the fourth quarter worth $2,714,000. Jupiter Asset Management Ltd. bought a new stake in Valley National Bancorp during the third quarter valued at $10,756,000. Polar Asset Management Partners Inc. acquired a new stake in Valley National Bancorp during the 3rd quarter worth about $4,753,000. LSV Asset Management grew its holdings in Valley National Bancorp by 6.3% during the 3rd quarter. LSV Asset Management now owns 1,522,310 shares of the company’s stock worth $16,136,000 after acquiring an additional 90,500 shares during the period. Finally, Intech Investment Management LLC raised its position in shares of Valley National Bancorp by 142.4% in the 3rd quarter. Intech Investment Management LLC now owns 978,713 shares of the company’s stock worth $10,374,000 after acquiring an additional 574,968 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

About Valley National Bancorp

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.