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

Key Points

• Analyst consensus: Sixteen brokerages rate Valley National Bancorp as a “Moderate Buy” (3 holds, 11 buys, 2 strong buys) with an average 12‑month price target of $14.71.
• Quarterly beat: VLY reported $0.31 EPS vs. $0.29 expected and revenue of $1.01 billion (well above the $524.31 million estimate), with revenue up 14.1% year‑over‑year.
• Dividend and payout: the bank paid a $0.11 quarterly dividend (annualized $0.44) for a yield of 3.4% and a payout ratio of about 43.6%.

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the sixteen brokerages that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $14.7143.

VLY has been the topic of several research analyst reports. Raymond James Financial raised shares of Valley National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $15.00 price objective on the stock in a research report on Friday, January 30th. TD Cowen upped their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, January 30th. UBS Group assumed coverage on shares of Valley National Bancorp in a research note on Monday, December 15th. They issued a "buy" rating and a $15.00 price target on the stock. Barclays upped their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, January 30th. Finally, National Bank Financial set a $16.00 price target on shares of Valley National Bancorp in a research note on Friday, January 30th.

Valley National Bancorp Price Performance

Shares of VLY opened at $13.06 on Friday. The firm has a market capitalization of $7.25 billion, a PE ratio of 12.93 and a beta of 1.03. The company's 50-day moving average is $12.67 and its 200-day moving average is $11.78. Valley National Bancorp has a fifty-two week low of $7.64 and a fifty-two week high of $13.87. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $524.31 million. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The company's revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 earnings per share. Equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were paid a $0.11 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 3.4%. Valley National Bancorp's dividend payout ratio is 43.56%.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, Director Carlos J. Vazquez purchased 2,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the purchase, the director owned 4,252 shares of the company's stock, valued at approximately $57,189.40. The trade was a 142.69% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.43% of the company's stock.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in shares of Valley National Bancorp by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 30,478,489 shares of the company's stock valued at $323,072,000 after acquiring an additional 88,894 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Valley National Bancorp by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company's stock valued at $152,200,000 after acquiring an additional 247,651 shares in the last quarter. Azora Capital LP acquired a new stake in Valley National Bancorp during the third quarter worth about $103,120,000. Victory Capital Management Inc. grew its stake in Valley National Bancorp by 9.2% during the third quarter. Victory Capital Management Inc. now owns 8,333,597 shares of the company's stock worth $88,336,000 after buying an additional 702,774 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in Valley National Bancorp by 1,013.8% during the fourth quarter. Marshall Wace LLP now owns 6,831,049 shares of the company's stock worth $79,787,000 after buying an additional 6,217,716 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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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