Valley National Bancorp (NASDAQ:VLY) Hits New 52-Week High Following Analyst Upgrade

Key Points

• Valley National Bancorp shares hit a new 52-week high after Barclays raised its price target from $14 to $15, while keeping an equal-weight rating. The stock touched $15.01 intraday and last traded at $14.87.
• Other analysts have also turned more positive on the bank, with multiple firms boosting price targets and several maintaining buy or outperform-style ratings. MarketBeat data shows a consensus rating of Moderate Buy with an average price target of $15.63.
• The company recently reported stronger-than-expected quarterly results, including EPS of $0.29 versus estimates of $0.27 and revenue of $1.01 billion versus forecasts of $531.89 million. Valley National also paid a quarterly dividend of $0.11 per share, implying a 3.0% annualized yield.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) shares reached a new 52-week high on Wednesday after Barclays raised their price target on the stock from $14.00 to $15.00. Barclays currently has an equal weight rating on the stock. Valley National Bancorp traded as high as $15.01 and last traded at $14.87, with a volume of 4789281 shares traded. The stock had previously closed at $14.79.

Other research analysts also recently issued research reports about the stock. Piper Sandler upped their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an "overweight" rating in a report on Friday, June 26th. Morgan Stanley restated a "positive" rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Royal Bank Of Canada upped their price objective on Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Keefe, Bruyette & Woods increased their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research report on Thursday, April 9th. Finally, Hovde Group lifted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.63.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer owned 76,116 shares of the company's stock, valued at $1,113,577.08. This represents a 25.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Russell Barrett sold 90,537 shares of Valley National Bancorp stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the sale, the chief operating officer directly owned 64,167 shares in the company, valued at $868,821.18. This trade represents a 58.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.06% of the stock is owned by insiders.

Institutional Trading of Valley National Bancorp

Several hedge funds have recently modified their holdings of VLY. Cedar Mountain Advisors LLC purchased a new position in shares of Valley National Bancorp in the first quarter valued at $26,000. Assetmark Inc. raised its stake in Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after purchasing an additional 1,189 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Valley National Bancorp during the fourth quarter valued at $26,000. First Horizon Corp lifted its position in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after purchasing an additional 1,108 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new position in Valley National Bancorp during the fourth quarter valued at $39,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Up 0.5%

The firm has a market capitalization of $8.24 billion, a PE ratio of 13.40 and a beta of 1.03. The business's 50 day simple moving average is $13.88 and its 200 day simple moving average is $12.99. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $531.89 million. During the same period in the previous year, the firm posted $0.18 EPS. On average, equities research analysts forecast that Valley National Bancorp will post 1.29 earnings per share for the current 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 given a dividend of $0.11 per share. The ex-dividend date was Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.0%. Valley National Bancorp's dividend payout ratio is 39.64%.

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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