Valley National Bancorp (NASDAQ:VLY) Given Consensus Recommendation of "Hold" by Brokerages

Valley National Bancorp (NASDAQ:VLY - Get Free Report) has been assigned an average recommendation of "Hold" from the eleven ratings firms that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $10.73.

A number of brokerages have commented on VLY. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target for the company in a research note on Monday, March 24th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Truist Financial began coverage on shares of Valley National Bancorp in a research note on Tuesday, May 13th. They set a "hold" rating and a $10.00 price target for the company. Wall Street Zen cut shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Finally, Barclays restated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded down $0.08 during mid-day trading on Thursday, hitting $9.51. The company had a trading volume of 5,909,376 shares, compared to its average volume of 8,056,020. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The business's 50-day simple moving average is $8.97 and its 200-day simple moving average is $9.08. Valley National Bancorp has a 12 month low of $7.18 and a 12 month high of $11.10. The firm has a market cap of $5.33 billion, a P/E ratio of 13.78 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. The company had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. During the same quarter in the previous year, the business posted $0.19 EPS. As a group, analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date was Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is currently 63.77%.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Valley National Bancorp in the fourth quarter valued at approximately $31,490,000. Xponance Inc. increased its holdings in shares of Valley National Bancorp by 13.7% in the fourth quarter. Xponance Inc. now owns 66,588 shares of the company's stock valued at $603,000 after purchasing an additional 8,032 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Valley National Bancorp by 9.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock valued at $68,966,000 after purchasing an additional 640,933 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after purchasing an additional 1,709 shares in the last quarter. Finally, Hourglass Capital LLC increased its holdings in shares of Valley National Bancorp by 6.3% in the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after purchasing an additional 26,280 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.