Valley National Bancorp (NASDAQ:VLY) Coverage Initiated at Hovde Group

Key Points

• Hovde Group has initiated coverage on Valley National Bancorp (NASDAQ: VLY) with an "outperform" rating and a price target of $12.50, suggesting a potential upside of 15.96% from its previous close.
• Various brokerages have issued mixed ratings, with the consensus rating being a "Moderate Buy" and a consensus price target of $11.38.
• In the latest quarterly earnings report, Valley National Bancorp posted an EPS of $0.23, which exceeded the consensus estimate of $0.22, while revenue increased by 9.3% year-over-year.

Hovde Group began coverage on shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in a research report report published on Wednesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $12.50 target price on the stock.

A number of other research firms have also commented on VLY. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Wall Street Zen upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. National Bankshares set a $12.00 price objective on Valley National Bancorp in a research report on Tuesday, September 9th. 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 report on Friday, July 25th. Finally, Jefferies Financial Group initiated coverage on Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.85.

Valley National Bancorp Price Performance

NASDAQ:VLY traded down $0.14 during mid-day trading on Wednesday, reaching $10.65. 6,845,786 shares of the stock were exchanged, compared to its average volume of 8,961,781. The business has a fifty day moving average price of $9.86 and a 200 day moving average price of $9.15. The firm has a market capitalization of $5.96 billion, a PE ratio of 13.65 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.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.Valley National Bancorp's revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.13 earnings per share. Research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.1%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's payout ratio is 56.41%.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its position in Valley National Bancorp by 2.8% in the 4th quarter. Ameriprise Financial Inc. now owns 684,453 shares of the company's stock worth $6,207,000 after buying an additional 18,372 shares during the period. Deutsche Bank AG increased its position in Valley National Bancorp by 51.9% in the 4th quarter. Deutsche Bank AG now owns 430,420 shares of the company's stock worth $3,900,000 after buying an additional 147,001 shares during the period. Focus Partners Wealth bought a new position in Valley National Bancorp in the 4th quarter worth approximately $409,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Valley National Bancorp by 12.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 266,372 shares of the company's stock worth $2,413,000 after buying an additional 30,284 shares during the period. Finally, Nuveen Asset Management LLC increased its position in Valley National Bancorp by 4.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,481,711 shares of the company's stock worth $13,424,000 after buying an additional 68,740 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.