Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $14.50

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by JPMorgan Chase & Co. from $14.00 to $14.50 in a report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

VLY has been the subject of several other reports. Zacks Research downgraded shares of Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Janney Montgomery Scott upgraded shares of Valley National Bancorp to a “strong-buy” rating in a research report on Wednesday, October 22nd. Truist Financial lifted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. TD Cowen upped their target price on Valley National Bancorp from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Finally, Cowen reissued a “buy” rating on shares of Valley National Bancorp in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and an average price target of $13.37.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $11.98 on Tuesday. The stock has a fifty day moving average price of $11.02 and a 200 day moving average price of $10.21. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $6.68 billion, a PE ratio of 13.61 and a beta of 1.10. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $12.18.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The company had revenue of $511.08 million for the quarter, compared to analyst estimates of $511.47 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. Valley National Bancorp’s revenue was up 8.5% compared to the same quarter last year. Sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is currently 50.00%.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Valley National Bancorp in the 1st quarter worth about $35,000. Atlantic Union Bankshares Corp purchased a new position in shares of Valley National Bancorp during the 2nd quarter worth about $39,000. Smartleaf Asset Management LLC boosted its position in shares of Valley National Bancorp by 77.4% in the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock worth $48,000 after acquiring an additional 1,996 shares during the last quarter. Danske Bank A S purchased a new stake in Valley National Bancorp in the third quarter valued at approximately $55,000. Finally, Hantz Financial Services Inc. increased its position in Valley National Bancorp by 11,831.1% during the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock worth $48,000 after purchasing an additional 5,324 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

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.