Valley National Bancorp (NASDAQ:VLY) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Valley National Bancorp has received a consensus rating of "Moderate Buy" from ten brokerage firms, with six analysts assigning a buy rating and four a hold rating.
• The average one-year price target for the stock is $10.95, with multiple analysts recently increasing their price targets to $11.00.
• The company announced a quarterly dividend of $0.11 per share, representing an annualized yield of 4.2%, to be paid out on October 1st to eligible shareholders.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) has been assigned an average rating of "Moderate Buy" from the ten ratings firms that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $10.95.

VLY has been the topic of a number of research reports. Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research note on Friday, July 25th. Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target on the stock. Royal Bank Of Canada raised their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Finally, Morgan Stanley raised shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd.

Valley National Bancorp Price Performance

Shares of VLY stock traded up $0.10 during mid-day trading on Friday, hitting $10.51. 7,607,918 shares of the stock were exchanged, compared to its average volume of 7,271,339. The company has a market cap of $5.88 billion, a PE ratio of 13.47 and a beta of 1.13. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.10. The firm has a fifty day moving average of $9.66 and a 200 day moving average of $9.11. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating 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 net margin of 12.87% and a return on equity of 5.89%. Valley National Bancorp's quarterly revenue was up 9.3% compared to the same quarter last year. During the same period last year, the company posted $0.13 EPS. 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 announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is 56.41%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VLY. Raymond James Financial Inc. purchased a new stake in shares of Valley National Bancorp during the 4th quarter valued at approximately $2,261,000. Marshall Wace LLP raised its position in shares of Valley National Bancorp by 135.6% during the 4th quarter. Marshall Wace LLP now owns 111,660 shares of the company's stock valued at $1,012,000 after buying an additional 64,260 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Valley National Bancorp by 18.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 291,418 shares of the company's stock valued at $2,641,000 after buying an additional 44,663 shares during the period. Voya Investment Management LLC raised its position in shares of Valley National Bancorp by 37.5% during the 4th quarter. Voya Investment Management LLC now owns 560,325 shares of the company's stock valued at $5,077,000 after buying an additional 152,688 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Valley National Bancorp by 4.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 531,963 shares of the company's stock valued at $4,820,000 after buying an additional 23,702 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

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.