Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $13.00 at Truist Financial

Valley National Bancorp (NASDAQ:VLY) had its price objective upped by Truist Financial from $11.00 to $13.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

VLY has been the subject of a number of other research reports. Barclays reissued an “underweight” rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Tuesday. National Bankshares set a $12.00 target price on shares of Valley National Bancorp in a research note on Tuesday. Cantor Fitzgerald initiated coverage on shares of Valley National Bancorp in a research note on Wednesday. They set an “overweight” rating and a $12.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $10.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.54.

Valley National Bancorp Stock Up 0.1%

VLY stock opened at $10.79 on Friday. The stock has a market capitalization of $6.04 billion, a P/E ratio of 13.83 and a beta of 1.13. The firm has a 50-day simple moving average of $9.86 and a 200-day simple moving average of $9.16. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to analysts’ expectations of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 earnings per share. Equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp’s dividend payout ratio is currently 56.41%.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of VLY. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Valley National Bancorp in the 1st quarter valued at about $35,000. Farther Finance Advisors LLC boosted its holdings in Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company’s stock valued at $38,000 after purchasing an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Valley National Bancorp in the 4th quarter valued at about $39,000. Brown Lisle Cummings Inc. acquired a new position in Valley National Bancorp in the 1st quarter valued at about $39,000. Finally, Atlantic Union Bankshares Corp acquired a new position in Valley National Bancorp in the 2nd quarter valued at about $39,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Company Profile

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.