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

Key Points

• Analyst sentiment is moderately bullish: Seventeen analysts rate Valley National Bancorp a consensus “Moderate Buy,” including 10 buys and three strong buys. The average 12-month price target is $16.03, above the reported $15.02 share price.
• Valley National reported quarterly revenue of $560.74 million, up 13.3% year over year and ahead of estimates, while earnings per share of $0.30 narrowly missed the $0.31 consensus.
• The company declared a quarterly dividend of $0.11 per share, equivalent to $0.44 annually and a 2.9% yield, with a 37.29% payout ratio.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the seventeen analysts that are covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $16.0333.

Several analysts have recently weighed in on VLY shares. Piper Sandler boosted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the stock an "overweight" rating in a report on Friday, June 26th. UBS Group set a $17.00 price target on shares of Valley National Bancorp in a research report on Tuesday, July 7th. Royal Bank Of Canada lifted their target price on Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. Finally, Cantor Fitzgerald upped 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.

Valley National Bancorp Stock Up 0.6%

Shares of NASDAQ:VLY opened at $15.02 on Friday. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20. The company has a market capitalization of $8.30 billion, a PE ratio of 12.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The company has a fifty day moving average of $14.52 and a 200-day moving average of $13.50.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same period last year, the business earned $0.23 EPS. The company's revenue was up 13.3% compared to the same quarter last year. On average, equities analysts predict that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is presently 37.29%.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction on 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 sale, the chief accounting officer 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Compass Financial Management LLC bought a new stake in shares of Valley National Bancorp during the second quarter worth about $28,000. Cedar Mountain Advisors LLC purchased a new stake in Valley National Bancorp in the first quarter worth $26,000. Assetmark Inc. increased its holdings in Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company's stock worth $26,000 after acquiring an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Valley National Bancorp in the 4th quarter valued at about $26,000. Finally, First Horizon Corp raised its stake in Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after acquiring an additional 1,108 shares during the period. 61.00% of the stock is owned by institutional investors.

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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