Valley National Bancorp (NASDAQ:VLY) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Valley National Bancorp has a consensus analyst rating of “Moderate Buy” from 17 brokerages, with an average 12-month price target of about $15.13.
• The company reported better-than-expected quarterly results, posting EPS of $0.29 versus the $0.27 estimate and revenue of $1.01 billion, well above analysts’ expectations.
• Valley National also announced a quarterly dividend of $0.11 per share, which annualizes to $0.44 and implies a roughly 3.0% yield.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the seventeen brokerages that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $15.1333.

VLY has been the subject of several analyst reports. Morgan Stanley reissued an "equal weight" rating and set a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a report on Wednesday, May 6th. Hovde Group increased their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an "outperform" rating in a report on Tuesday, May 26th. National Bank Financial set a $17.00 price target on shares of Valley National Bancorp in a report on Monday, April 27th. TD Cowen reissued a "buy" rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Valley National Bancorp from $14.50 to $15.00 and gave the company an "overweight" rating in a report on Friday, April 24th.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction dated Friday, June 12th. The shares were 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 directly owned 76,116 shares of the company's stock, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Russell Barrett sold 90,537 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the transaction, the chief operating officer directly owned 64,167 shares of the company's stock, valued at approximately $868,821.18. This trade represents a 58.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.06% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC purchased a new position in Valley National Bancorp in the first quarter valued at about $26,000. Assetmark Inc. increased its holdings in Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after buying an additional 1,189 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Valley National Bancorp in the fourth quarter valued at about $26,000. First Horizon Corp increased its holdings in Valley National Bancorp by 52.5% in the fourth quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after buying an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in Valley National Bancorp in the fourth quarter valued at about $39,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Trading Up 1.6%

NASDAQ VLY opened at $14.61 on Thursday. The stock has a market capitalization of $8.10 billion, a P/E ratio of 13.16 and a beta of 1.03. Valley National Bancorp has a 52-week low of $8.77 and a 52-week high of $14.72. The firm has a 50-day moving average price of $13.63 and a 200 day moving average price of $12.80. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same period in the prior year, the company posted $0.18 earnings per share. Equities research analysts expect that Valley National Bancorp will post 1.29 EPS for the current year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.0%. Valley National Bancorp's dividend payout ratio (DPR) is 39.64%.

Valley National Bancorp Company Profile

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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