Brokerages Set Valley National Bancorp (NASDAQ:VLY) Price Target at $10.67

Valley National Bancorp (NASDAQ:VLY) has earned a consensus recommendation of “Hold” from the nine analysts that are covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $10.67.

Several equities analysts have issued reports on the stock. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Stephens reissued an “overweight” rating and set a $12.50 price objective on shares of Valley National Bancorp in a report on Thursday, January 2nd. Piper Sandler boosted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Royal Bank of Canada boosted their price objective on shares of Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, Wedbush reissued a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a report on Friday, October 25th.

Valley National Bancorp Price Performance

NASDAQ VLY opened at $9.96 on Monday. The firm’s fifty day simple moving average is $9.66 and its two-hundred day simple moving average is $9.30. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The firm has a market capitalization of $5.07 billion, a P/E ratio of 14.43 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the previous year, the business earned $0.22 earnings per share. Analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.11 per share. The ex-dividend date was Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.42%. Valley National Bancorp’s dividend payout ratio is presently 63.77%.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now owns 495,249 shares in the company, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. acquired a new position in shares of Valley National Bancorp in the third quarter worth about $25,000. R Squared Ltd acquired a new position in shares of Valley National Bancorp in the fourth quarter worth about $25,000. Blue Trust Inc. increased its stake 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 purchasing an additional 1,564 shares in the last quarter. Optiver Holding B.V. increased its stake in shares of Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company’s stock worth $46,000 after purchasing an additional 2,271 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake 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 purchasing an additional 2,151 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

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.