Piper Sandler Boosts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its target price increased by Piper Sandler from $9.00 to $10.00 in a report issued on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

VLY has been the subject of several other reports. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Royal Bank of Canada raised their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. raised their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Morgan Stanley raised their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Keefe, Bruyette & Woods raised their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Valley National Bancorp currently has an average rating of “Hold” and an average price target of $9.63.

Valley National Bancorp Price Performance

NASDAQ VLY traded down $0.33 on Friday, reaching $9.27. 5,704,669 shares of the stock traded hands, compared to its average volume of 5,852,893. The firm’s fifty day simple moving average is $8.77 and its 200 day simple moving average is $7.89. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 10.91 and a beta of 1.08. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The firm had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period last year, the company posted $0.26 EPS. As a group, research analysts predict that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.11 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.75%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Institutional Trading of Valley National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of VLY. Blue Trust Inc. raised its holdings in shares of Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after acquiring an additional 1,564 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Valley National Bancorp during the first quarter worth $43,000. Innealta Capital LLC purchased a new stake in shares of Valley National Bancorp during the second quarter worth $38,000. Hexagon Capital Partners LLC raised its holdings in shares of Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after acquiring an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after acquiring an additional 2,151 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

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.