Valley National Bancorp (NASDAQ:VLY) Reaches New 1-Year High After Earnings Beat

Key Points

• Valley National Bancorp reached a new 52-week high of $11.28 after reporting earnings of $0.28 per share, exceeding analysts' expectations of $0.26.
• The company declared a quarterly dividend of $0.11 per share, resulting in an annualized yield of 4.0%, with shares trading at a $10.56 close before the earnings report.
• Research analysts have rated Valley National Bancorp as a "Moderate Buy" with an average price target of $12.75, indicating continued investor interest and growth potential.

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) reached a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $11.28 and last traded at $11.16, with a volume of 2963589 shares. The stock had previously closed at $10.56.

The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The firm had revenue of $511.11 million during the quarter, compared to analyst estimates of $511.47 million. During the same period last year, the company earned $0.18 earnings per share. The company's revenue was up 8.5% on a year-over-year basis.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.11 per share. The ex-dividend date is Monday, December 15th. This represents a $0.44 annualized dividend and a dividend yield of 4.0%. Valley National Bancorp's payout ratio is presently 56.41%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. TD Cowen assumed coverage on shares of Valley National Bancorp in a research note on Thursday, September 25th. They set a "buy" rating and a $14.00 price objective on the stock. Jefferies Financial Group upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and lifted their target price for the stock from $11.00 to $14.00 in a report on Wednesday, September 24th. Cowen initiated coverage on shares of Valley National Bancorp in a report on Wednesday, September 24th. They set a "buy" rating on the stock. Cantor Fitzgerald assumed coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They set an "overweight" rating and a $12.00 price objective on the stock. Finally, National Bankshares set a $14.00 target price on Valley National Bancorp in a report on Monday, September 29th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Valley National Bancorp has an average rating of "Moderate Buy" and an average target price of $12.75.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Valley National Bancorp by 4.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after acquiring an additional 1,377,676 shares during the period. Geode Capital Management LLC grew its stake in shares of Valley National Bancorp by 4.1% in the second quarter. Geode Capital Management LLC now owns 12,791,712 shares of the company's stock valued at $114,242,000 after acquiring an additional 499,647 shares in the last quarter. AQR Capital Management LLC raised its stake in Valley National Bancorp by 101.5% in the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock worth $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 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company's stock valued at $90,810,000 after purchasing an additional 3,091,169 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Valley National Bancorp by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company's stock worth $69,494,000 after purchasing an additional 204,942 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Price Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $6.22 billion, a P/E ratio of 14.20 and a beta of 1.12. The company's fifty day moving average price is $10.49 and its 200 day moving average price is $9.49.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.