Valley National Bancorp (NASDAQ:VLY) Sets New 1-Year High – Here’s Why

Valley National Bancorp (NASDAQ:VLY)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $11.42 and last traded at $11.3450, with a volume of 1841722 shares traded. The stock had previously closed at $11.12.

Wall Street Analyst Weigh In

Several research analysts have recently commented on VLY shares. Cantor Fitzgerald lifted their price objective on Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Jefferies Financial Group raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and lifted their target price for the company from $11.00 to $14.00 in a research note on Wednesday, September 24th. National Bankshares set a $15.00 price objective on shares of Valley National Bancorp in a research note on Monday, October 27th. Keefe, Bruyette & Woods increased their price target on shares of Valley National Bancorp from $11.50 to $12.00 and gave the company a “market perform” rating in a report on Friday, October 24th. Finally, Truist Financial increased their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Buy” and an average target price of $13.25.

Valley National Bancorp Stock Up 0.3%

The company’s 50-day moving average is $10.73 and its 200 day moving average is $9.92. The stock has a market capitalization of $6.33 billion, a PE ratio of 12.90 and a beta of 1.17. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. The firm had revenue of $511.08 million during the quarter, compared to analysts’ expectations of $511.47 million. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share. As a group, analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s payout ratio is 50.00%.

Institutional Trading of Valley National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of VLY. Northwestern Mutual Investment Management Company LLC lifted its holdings in Valley National Bancorp by 0.9% in the third quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock valued at $1,137,000 after acquiring an additional 951 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Valley National Bancorp by 0.3% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 366,797 shares of the company’s stock valued at $3,881,000 after purchasing an additional 1,192 shares in the last quarter. New York State Common Retirement Fund lifted its stake in shares of Valley National Bancorp by 0.8% in the 3rd quarter. New York State Common Retirement Fund now owns 145,783 shares of the company’s stock valued at $1,545,000 after purchasing an additional 1,200 shares during the period. Signaturefd LLC boosted its holdings in Valley National Bancorp by 23.2% during the second quarter. Signaturefd LLC now owns 6,895 shares of the company’s stock worth $62,000 after buying an additional 1,297 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its position in Valley National Bancorp by 13.2% during the third quarter. Integrated Wealth Concepts LLC now owns 12,567 shares of the company’s stock valued at $133,000 after buying an additional 1,465 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.