Valley National Bancorp (NASDAQ:VLY) Stock Has Average Target Price of $16.19 According to Analysts

Shares of Valley National Bancorp (NASDAQ:VLY) have been assigned a consensus rating of “Moderate Buy” from the sixteen brokerages that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $16.19.

A number of equities research analysts have recently issued reports on VLY shares. TD Cowen reiterated a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Truist Financial upped their price target on Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a report on Friday, July 10th. Barclays raised their price objective on Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. UBS Group set a $17.00 target price on Valley National Bancorp in a research report on Tuesday, July 7th. Finally, Morgan Stanley lowered their target price on Valley National Bancorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, September 28th.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $12.76 on Friday. 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 has a fifty-two week low of $9.64 and a fifty-two week high of $15.20. The stock has a market cap of $7.05 billion, a PE ratio of 10.81 and a beta of 1.07. The firm’s fifty day simple moving average is $13.92 and its 200-day simple moving average is $13.73.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The company had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. During the same quarter last year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. Analysts expect that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, September 15th. Valley National Bancorp’s dividend payout ratio is presently 37.29%.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds have recently added to or reduced their stakes in VLY. Cim Investment Management Inc. lifted its holdings in shares of Valley National Bancorp by 17.1% in the second quarter. Cim Investment Management Inc. now owns 34,523 shares of the company’s stock valued at $506,000 after purchasing an additional 5,038 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Valley National Bancorp by 22.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 75,084 shares of the company’s stock worth $1,100,000 after purchasing an additional 13,729 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Valley National Bancorp by 24.3% during the 2nd quarter. Tidal Investments LLC now owns 69,997 shares of the company’s stock worth $1,025,000 after purchasing an additional 13,687 shares in the last quarter. IFP Advisors Inc lifted its stake in Valley National Bancorp by 239.5% in the 2nd quarter. IFP Advisors Inc now owns 8,478 shares of the company’s stock valued at $124,000 after buying an additional 5,981 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Valley National Bancorp by 2.3% in the 2nd quarter. Allworth Financial LP now owns 68,078 shares of the company’s stock valued at $997,000 after buying an additional 1,518 shares in the last quarter. 61.00% of the stock is currently 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.