Valley National Bancorp (NASDAQ:VLY) Research Coverage Started at TD Cowen

TD Cowen started coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a report released on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $14.00 target price on the stock.

A number of other brokerages also recently issued reports on VLY. Jefferies Financial Group raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and increased their price target for the stock from $11.00 to $14.00 in a report on Wednesday. National Bankshares set a $13.50 target price on shares of Valley National Bancorp in a research note on Monday, September 15th. Cantor Fitzgerald assumed coverage on shares of Valley National Bancorp in a research report on Wednesday, September 10th. They set an “overweight” rating and a $12.00 price target for the company. Hovde Group assumed coverage on Valley National Bancorp in a research report on Wednesday, September 10th. They issued an “outperform” rating and a $12.50 price objective on the stock. Finally, Citigroup upgraded Valley National Bancorp from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $10.00 to $13.50 in a research report on Monday, September 15th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.29.

Valley National Bancorp Trading Up 0.3%

VLY opened at $10.68 on Thursday. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.14. The firm has a market capitalization of $5.98 billion, a PE ratio of 13.69 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50-day moving average is $10.11 and its 200 day moving average is $9.27.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The firm had revenue of $495.01 million during the quarter, compared to analyst estimates of $495.79 million. During the same period in the previous year, the company posted $0.13 EPS. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a yield of 4.1%. Valley National Bancorp’s payout ratio is 56.41%.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently modified their holdings of VLY. BI Asset Management Fondsmaeglerselskab A S bought a new position in Valley National Bancorp during the first quarter valued at approximately $35,000. Farther Finance Advisors LLC boosted its stake in shares of 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 in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Valley National Bancorp during the 2nd quarter valued at $39,000. Brown Lisle Cummings Inc. purchased a new position in Valley National Bancorp in the 1st quarter worth $39,000. Finally, Hantz Financial Services Inc. raised its position in Valley National Bancorp by 11,831.1% in the 2nd 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 period. 61.00% of the stock is owned by hedge funds and other institutional investors.

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.