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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Valley National Bancorp, with 9 buy, 3 strong-buy and 4 hold ratings. The average 12-month price target is $16.19, above the stock’s reported $12.82 price.
• Institutional investors own approximately 61% of VLY, with several major firms recently increasing or initiating positions, including Bank of America, Bank of New York Mellon and World Investment Advisors.
• Recent quarterly revenue rose 13.3% year over year to $560.74 million, though EPS of $0.30 narrowly missed estimates. The company pays a quarterly dividend of $0.11 per share, equal to a 3.4% annualized yield.

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have earned an average rating of "Moderate Buy" from the sixteen ratings firms that are currently covering the stock, MarketBeat reports. Four research 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 price target among analysts that have issued ratings on the stock in the last year is $16.19.

VLY has been the topic of several research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. Truist Financial upped their target price on Valley National Bancorp from $15.50 to $16.50 and gave the stock a "buy" rating in a report on Friday, July 10th. Cantor Fitzgerald increased their target price on Valley National Bancorp from $16.00 to $17.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Morgan Stanley dropped their target price on Valley National Bancorp from $17.00 to $16.00 and set an "equal weight" rating on the stock in a research report on Monday, September 28th. Finally, Piper Sandler lifted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an "overweight" rating in a report on Friday, June 26th.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in Valley National Bancorp by 8.0% in 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. Legal & General Group Plc purchased a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $9,391,000. Bank of New York Mellon Corp acquired a new stake in shares of Valley National Bancorp in the 2nd quarter worth $68,276,000. World Investment Advisors boosted its position in shares of Valley National Bancorp by 141.7% in the 1st 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 in the last quarter. Finally, First Trust Advisors LP grew its stake in Valley National Bancorp by 6.0% during the 1st quarter. First Trust Advisors LP now owns 1,411,434 shares of the company's stock worth $17,332,000 after buying an additional 80,308 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Stock Up 1.2%

NASDAQ:VLY opened at $12.82 on Friday. 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 1-year low of $9.64 and a 1-year high of $15.20. The company has a 50-day moving average of $13.95 and a 200 day moving average of $13.71. The firm has a market cap of $7.08 billion, a PE ratio of 10.86 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results 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 net margin of 19.49% and a return on equity of 9.13%. The business had revenue of $560.74 million for the quarter, compared to analysts' expectations of $557.16 million. During the same period last year, the business posted $0.23 EPS. The company's revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts anticipate that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.