Valley National Bancorp (NASDAQ:VLY) Stock Has Average Target Price of $16.71

Key Points

• Analyst sentiment is moderately bullish: Fifteen brokerages give Valley National Bancorp a consensus “Moderate Buy” rating, with an average 12-month price target of $16.71 versus the reported $14.17 share price.
• Quarterly results exceeded expectations: The bank reported earnings of $0.36 per share, beating estimates by $0.03, while revenue of $581.1 million also topped consensus forecasts.
• Investors will receive a 3.1% dividend yield: Valley declared a quarterly dividend of $0.11 per share, or $0.44 annualized, with a payout ratio of 34.92%.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $16.71.

Several research analysts recently issued reports on the stock. Cantor Fitzgerald lifted their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Truist Financial boosted their price objective on shares of Valley National Bancorp from $16.50 to $17.00 and gave the stock a "buy" rating in a research note on Monday. National Bank Financial set a $18.50 price objective on shares of Valley National Bancorp in a report on Monday. Morgan Stanley upped their price objective on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Friday, October 23rd. Finally, Keefe, Bruyette & Woods raised shares of Valley National Bancorp from a "market perform" rating to an "outperform" rating and set a $17.00 target price for the company in a research note on Friday.

Valley National Bancorp Trading Up 0.9%

Shares of Valley National Bancorp stock opened at $14.17 on Wednesday. The firm has a market capitalization of $7.83 billion, a P/E ratio of 11.25 and a beta of 1.07. The business has a fifty day simple moving average of $13.40 and a two-hundred day simple moving average of $13.40. Valley National Bancorp has a 12 month low of $10.34 and a 12 month high of $15.20.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, October 22nd. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $581.10 million for the quarter, compared to the consensus estimate of $577.82 million. During the same quarter last year, the firm posted $0.28 EPS. Analysts predict that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. Valley National Bancorp's dividend payout ratio is presently 34.92%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in VLY. BlackRock Inc. purchased a new stake in shares of Valley National Bancorp in the second quarter worth $1,079,026,000. Azora Capital LP bought a new position in shares of Valley National Bancorp during the second quarter valued at $150,121,000. Freestone Grove Partners LP purchased a new position in shares of Valley National Bancorp in the 2nd quarter worth about $88,872,000. Bank of New York Mellon Corp purchased a new position in shares of Valley National Bancorp in the 2nd quarter worth about $68,276,000. Finally, Wellington Management Group LLP raised its position in shares of Valley National Bancorp by 29.5% in the 2nd quarter. Wellington Management Group LLP now owns 20,091,604 shares of the company's stock worth $294,342,000 after purchasing an additional 4,576,448 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional bank headquartered in Wayne, New Jersey. The company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities through a network of branches and digital banking channels.

Valley National Bank offers deposit accounts, residential and commercial real estate lending, business loans, consumer loans, mortgage banking, treasury management and other commercial banking services.

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