Valley National Bancorp’s (VLY) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of Valley National Bancorp (NASDAQ:VLY) in a report released on Tuesday morning,Benzinga reports. Royal Bank Of Canada currently has a $17.00 target price on the stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley reduced their target price on shares of Valley National Bancorp from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Monday. Barclays upped their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Piper Sandler lifted their price objective on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Truist Financial lifted their price objective 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. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.19.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY opened at $12.67 on Tuesday. The business’s 50 day moving average price is $13.98 and its 200 day moving average price is $13.72. The firm has a market cap of $7.00 billion, a P/E ratio of 10.74 and a beta of 1.08. Valley National Bancorp has a 52 week low of $9.64 and a 52 week high of $15.20. 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 (NASDAQ:VLY) last posted its quarterly earnings results 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). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. During the same period in the prior year, the business posted $0.23 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts expect that Valley National Bancorp will post 1.27 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio is 37.29%.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its position in shares of Valley National Bancorp by 5.7% during the second quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock worth $234,000 after buying an additional 863 shares during the period. Rothschild Investment LLC raised its holdings in shares of Valley National Bancorp by 7.3% in the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock valued at $159,000 after buying an additional 923 shares during the period. Waverly Advisors LLC raised its holdings in shares of Valley National Bancorp by 5.8% in the 1st quarter. Waverly Advisors LLC now owns 20,546 shares of the company’s stock valued at $252,000 after buying an additional 1,124 shares during the period. Assetmark Inc. lifted its stake in Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after acquiring an additional 1,189 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in Valley National Bancorp by 3.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 38,985 shares of the company’s stock worth $455,000 after acquiring an additional 1,220 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.