Valley National Bancorp (NASDAQ:VLY) Hits New 12-Month High - Here's Why

Key Points

• Valley National Bancorp hit a new 52-week high, trading as high as $15.07 after closing at $14.84 the prior day. The move came with moderate volume of about 222,206 shares.
• Analysts remain broadly constructive on the stock, with multiple firms recently raising price targets. MarketBeat data shows an average rating of Moderate Buy and an average price target of $15.93.
• The bank also posted solid recent fundamentals, including quarterly EPS of $0.29 versus the $0.27 consensus and a quarterly dividend of $0.11 per share, implying a 2.9% yield.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $15.07 and last traded at $15.06, with a volume of 222206 shares changing hands. The stock had previously closed at $14.84.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Valley National Bancorp in a research report on Monday, July 6th. National Bank Financial set a $17.50 price objective on Valley National Bancorp in a research report on Wednesday, July 1st. Royal Bank Of Canada upped their target price on Valley National Bancorp from $14.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Truist Financial raised their target price on Valley National Bancorp from $15.50 to $16.50 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Thursday, April 9th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.93.

Valley National Bancorp Stock Performance

The company has a market capitalization of $8.37 billion, a P/E ratio of 13.61 and a beta of 1.03. The firm has a 50 day moving average price of $14.00 and a two-hundred day moving average price of $13.10. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $531.89 million. During the same quarter last year, the company earned $0.18 EPS. On average, research analysts expect that Valley National Bancorp will post 1.3 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.9%. Valley National Bancorp's dividend payout ratio (DPR) is presently 39.64%.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, COO Russell Barrett sold 90,537 shares of the company's 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 sale, the chief operating officer directly owned 64,167 shares of the company's stock, valued at approximately $868,821.18. This represents a 58.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mitchell L. Crandell sold 25,495 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares of the company's stock, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Valley National Bancorp by 5.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company's stock valued at $2,508,000 after purchasing an additional 15,771 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Valley National Bancorp in the first quarter worth $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Valley National Bancorp by 21.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company's stock worth $12,852,000 after purchasing an additional 255,870 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Valley National Bancorp by 34.9% during the first quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock worth $541,000 after purchasing an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Valley National Bancorp in the second quarter valued at $119,000. 61.00% of the stock is owned by institutional investors and hedge funds.

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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