Valley National Bancorp (NYSE:VLY) Receives $13.69 Consensus Price Target from Brokerages

Valley National Bancorp (NYSE:VLY) has been assigned a consensus recommendation of “Hold” from the seven research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $13.69.

Separately, Zacks Investment Research downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, March 1st.

Shares of NYSE:VLY traded up $0.10 during midday trading on Tuesday, hitting $10.43. 2,196,200 shares of the stock were exchanged, compared to its average volume of 1,902,741. Valley National Bancorp has a twelve month low of $8.42 and a twelve month high of $13.17.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $326.32 million during the quarter, compared to analyst estimates of $253.23 million. During the same period in the previous year, the business earned $0.18 earnings per share.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.22%. The ex-dividend date is Thursday, June 13th.

In other news, Director Gerald Korde sold 3,100 shares of Valley National Bancorp stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $10.19, for a total transaction of $31,589.00. Following the completion of the transaction, the director now owns 659,111 shares of the company’s stock, valued at approximately $6,716,341.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.45% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Truvestments Capital LLC acquired a new position in Valley National Bancorp in the 1st quarter valued at about $29,000. JOYN Advisors Inc. grew its holdings in Valley National Bancorp by 1,410.8% in the 4th quarter. JOYN Advisors Inc. now owns 3,928 shares of the financial services provider’s stock valued at $35,000 after buying an additional 3,668 shares during the period. Baldwin Brothers Inc. MA purchased a new stake in Valley National Bancorp in the 4th quarter valued at about $44,000. Bruderman Asset Management LLC purchased a new stake in Valley National Bancorp in the 4th quarter valued at about $52,000. Finally, NumerixS Investment Technologies Inc grew its holdings in Valley National Bancorp by 742.9% in the 4th quarter. NumerixS Investment Technologies Inc now owns 5,900 shares of the financial services provider’s stock valued at $52,000 after buying an additional 5,200 shares during the period. 55.94% of the stock is owned by hedge funds and other institutional investors.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.

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