Valley National Bancorp (NASDAQ:VLY) Reaches New 1-Year High - Still a Buy?

Key Points

• Valley National Bancorp reached a new 52-week high of $11.10 during trading, indicating positive market performance, with a last traded price of $11.05.
• Equity analysts have shown optimism, with nine analysts giving a Buy rating and an average price target of $11.85, following several upgrades from major firms.
• The company reported a 9.3% increase in revenue year-over-year, with an earnings per share (EPS) of $0.23 for the last quarter, which exceeded expectations.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $11.10 and last traded at $11.05, with a volume of 6304093 shares. The stock had previously closed at $10.72.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. National Bankshares set a $13.50 price target on Valley National Bancorp in a report on Monday, September 15th. Hovde Group started coverage on Valley National Bancorp in a research report on Wednesday, September 10th. They set an "outperform" rating and a $12.50 target price on the stock. Citigroup raised Valley National Bancorp from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $10.00 to $13.50 in a report on Monday, September 15th. Wall Street Zen lowered Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Morgan Stanley boosted 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. Nine 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 company presently has a consensus rating of "Moderate Buy" and an average target price of $11.85.

Valley National Bancorp Stock Performance

The firm's 50-day simple moving average is $9.98 and its two-hundred day simple moving average is $9.20. 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 stock has a market capitalization of $6.01 billion, a PE ratio of 15.21 and a beta of 1.13.

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 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 analyst estimates of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business's revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 EPS. On average, equities research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

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

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $35,000. Farther Finance Advisors LLC boosted its stake in shares of Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after purchasing an additional 2,896 shares during the last quarter. Brown Lisle Cummings Inc. purchased a new stake in shares of Valley National Bancorp in the first quarter valued at about $39,000. Atlantic Union Bankshares Corp bought a new position in Valley National Bancorp during the second quarter valued at about $39,000. Finally, Hantz Financial Services Inc. boosted its position in Valley National Bancorp by 11,831.1% during the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company's stock worth $48,000 after purchasing an additional 5,324 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.