Valley National Bancorp (NASDAQ:VLY) Receives $10.95 Average Price Target from 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 given an average rating of "Moderate Buy" by the ten research firms that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $10.95.

Several research analysts have recently commented on VLY shares. Royal Bank Of Canada lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Jefferies Financial Group started coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target on the stock. Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a report on Friday, July 25th. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Finally, Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $10.00 to $11.00 in a research report on Thursday, July 3rd.

Valley National Bancorp Price Performance

VLY stock traded up $0.01 during midday trading on Friday, reaching $10.46. The stock had a trading volume of 6,584,612 shares, compared to its average volume of 7,787,503. Valley National Bancorp has a 52-week low of $7.48 and a 52-week 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 company's fifty day simple moving average is $9.56 and its 200 day simple moving average is $9.10. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 13.41 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The business had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter in the previous year, the firm earned $0.13 EPS. The company's quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts predict 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 given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's payout ratio is currently 56.41%.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors have recently bought and sold shares of the company. State of Michigan Retirement System grew its position in Valley National Bancorp by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company's stock valued at $1,011,000 after acquiring an additional 1,200 shares in the last quarter. Signaturefd LLC grew its position in Valley National Bancorp by 23.2% in the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company's stock valued at $62,000 after acquiring an additional 1,297 shares in the last quarter. Louisiana State Employees Retirement System grew its position in Valley National Bancorp by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company's stock valued at $1,183,000 after acquiring an additional 1,300 shares in the last quarter. Forum Financial Management LP grew its position in Valley National Bancorp by 7.8% in the 1st quarter. Forum Financial Management LP now owns 19,142 shares of the company's stock valued at $170,000 after acquiring an additional 1,381 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in Valley National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock valued at $494,000 after acquiring an additional 1,465 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

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.