Valley National Bancorp (NASDAQ:VLY) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Valley National Bancorp has a “Moderate Buy” consensus rating from 17 analysts, including 10 buys and three strong buys. The average 12-month price target is $16.10, compared with the stock’s reported price of $14.02.
• The bank reported quarterly revenue of $560.74 million, up 13.3% year over year and above estimates, though earnings of $0.30 per share narrowly missed consensus by $0.01.
• Valley declared a quarterly dividend of $0.11 per share, equivalent to an annualized $0.44 dividend and a 3.1% yield; institutional investors own approximately 61% of the company.

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have earned an average recommendation of "Moderate Buy" from the seventeen brokerages that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $16.10.

VLY has been the subject of several recent research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Royal Bank Of Canada reissued a "buy" rating on shares of Valley National Bancorp in a research report on Wednesday, August 26th. UBS Group set a $17.00 target price on shares of Valley National Bancorp in a research note on Tuesday, July 7th. Morgan Stanley reaffirmed a "positive" rating on shares of Valley National Bancorp in a report on Monday, June 29th. Finally, Barclays lifted their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the transaction, the chief accounting officer owned 76,116 shares of the company's stock, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.06% of the company's stock.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its stake in Valley National Bancorp by 8.0% during the first quarter. Bank of America Corp DE now owns 3,919,652 shares of the company's stock worth $48,133,000 after purchasing an additional 290,534 shares during the last quarter. First Trust Advisors LP increased its stake in Valley National Bancorp by 6.0% during the first quarter. First Trust Advisors LP now owns 1,411,434 shares of the company's stock valued at $17,332,000 after purchasing an additional 80,308 shares during the last quarter. World Investment Advisors raised its holdings in shares of Valley National Bancorp by 141.7% during the first quarter. World Investment Advisors now owns 199,243 shares of the company's stock worth $2,447,000 after purchasing an additional 116,826 shares during the period. BlackRock Inc. acquired a new stake in shares of Valley National Bancorp during the second quarter worth $1,079,026,000. Finally, Trillium Asset Management LLC bought a new position in shares of Valley National Bancorp in the 2nd quarter worth about $4,298,000. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $14.02 on Tuesday. The business's 50-day moving average is $14.47 and its two-hundred day moving average is $13.63. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. Valley National Bancorp has a 12 month low of $9.64 and a 12 month high of $15.20. The firm has a market capitalization of $7.75 billion, a PE ratio of 11.88 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. Research analysts predict that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Valley National Bancorp's payout ratio is presently 37.29%.

About Valley National Bancorp

Valley National Bancorp NASDAQ: VLY is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.

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