Valley National Bancorp (NASDAQ:VLY) Receives $11.85 Consensus Target Price from Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have been assigned a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $12.3929.

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, July 25th. National Bankshares set a $14.00 price target on shares of Valley National Bancorp in a research report on Monday. Barclays restated an “underweight” rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Citigroup upgraded shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and increased their target price for the stock from $10.00 to $13.50 in a research report on Monday, September 15th. Finally, Jefferies Financial Group upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and increased their target price for the stock from $11.00 to $14.00 in a research report on Wednesday, September 24th.

Hedge Funds Weigh In On Valley National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VLY. Nuveen Asset Management LLC boosted its position in Valley National Bancorp by 4.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,481,711 shares of the company’s stock worth $13,424,000 after purchasing an additional 68,740 shares during the period. Quantinno Capital Management LP purchased a new stake in shares of Valley National Bancorp in the fourth quarter worth about $111,000. Tidal Investments LLC lifted its holdings in shares of Valley National Bancorp by 31.7% in the fourth quarter. Tidal Investments LLC now owns 22,157 shares of the company’s stock worth $201,000 after buying an additional 5,329 shares in the last quarter. Waverly Advisors LLC purchased a new stake in shares of Valley National Bancorp in the fourth quarter worth about $118,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Valley National Bancorp by 20.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,189,774 shares of the company’s stock worth $10,779,000 after buying an additional 199,097 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $10.59 on Tuesday. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.14. 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 firm has a market cap of $5.93 billion, a price-to-earnings ratio of 13.58 and a beta of 1.13. The company has a fifty day moving average price of $10.13 and a 200-day moving average price of $9.29.

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

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Monday, September 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 56.41%.

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.