Valley National Bancorp (NASDAQ:VLY) Receives $10.95 Consensus PT from Analysts

Key Points

• Valley National Bancorp has received a consensus recommendation of "Moderate Buy" from ten brokerages, with four holding and six buying the stock.
• The company recently declared a quarterly dividend of $0.11 per share, representing a 4.8% yield, with an announcement to be paid on October 1st.
• Valley National Bancorp reported earnings of $0.23 per share for the last quarter, exceeding expectations, and saw a 9.3% revenue increase year-over-year.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) has been given a consensus rating of "Moderate Buy" by the ten analysts that are currently covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $10.95.

VLY has been the subject of a number of research reports. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a report on Friday, July 25th. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Jefferies Financial Group began coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price on the stock. Finally, Royal Bank Of Canada increased their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, July 25th.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its stake in shares of Valley National Bancorp by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock worth $267,054,000 after purchasing an additional 1,377,676 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Valley National Bancorp by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock worth $107,122,000 after buying an additional 656,200 shares during the period. AQR Capital Management LLC boosted its position in shares of Valley National Bancorp by 101.5% during the first quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock valued at $89,308,000 after purchasing an additional 5,147,786 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Valley National Bancorp by 43.4% in the first quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company's stock worth $90,810,000 after acquiring an additional 3,091,169 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Valley National Bancorp in the 4th quarter worth about $74,558,000. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

Shares of VLY stock traded down $0.07 during mid-day trading on Monday, reaching $9.15. The stock had a trading volume of 3,487,031 shares, compared to its average volume of 9,126,887. The business's fifty day moving average is $9.15 and its 200-day moving average is $9.12. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 11.72 and a beta of 1.09. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The firm had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. Valley National Bancorp's quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. On average, research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.11 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.8%. Valley National Bancorp's payout ratio is currently 56.41%.

About Valley National Bancorp

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.