Hovde Group assumed coverage on shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in a report published on Wednesday, September 10th, MarketBeat.com reports. The brokerage issued an outperform rating and a $12.50 target price on the stock.
Other research analysts have also recently issued reports about the stock. Royal Bank Of Canada boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. National Bankshares set a $12.00 price objective on shares of Valley National Bancorp in a research report on Tuesday, September 9th. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Morgan Stanley increased their price target on Valley National Bancorp from $11.00 to $13.00 and gave the company an "overweight" rating in a report on Tuesday, September 9th. Finally, Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.85.
Check Out Our Latest Research Report on VLY
Valley National Bancorp Trading Up 1.7%
Shares of Valley National Bancorp stock traded up $0.19 during trading hours on Wednesday, reaching $10.77. The stock had a trading volume of 3,875,610 shares, compared to its average volume of 8,919,784. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of 13.81 and a beta of 1.13. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.10. 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 50 day simple moving average of $9.90 and a two-hundred day simple moving average of $9.17.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The firm had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company's revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, equities research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.
Valley National Bancorp Announces Dividend
The firm also recently declared 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 of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.1%. Valley National Bancorp's dividend payout ratio is presently 56.41%.
Institutional Investors Weigh In On Valley National Bancorp
Several institutional investors have recently bought and sold shares of VLY. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Valley National Bancorp during the 1st quarter worth about $35,000. Farther Finance Advisors LLC boosted its holdings in shares of Valley National Bancorp by 206.6% in the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after acquiring an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $39,000. Atlantic Union Bankshares Corp bought a new stake in Valley National Bancorp during the second quarter worth approximately $39,000. Finally, Brown Lisle Cummings Inc. acquired a new stake in Valley National Bancorp in the first quarter worth approximately $39,000. Institutional investors and hedge funds own 61.00% of the company's stock.
About Valley National Bancorp
(
Get Free Report)
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.
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