Brokerages Set Valley National Bancorp (NASDAQ:VLY) Target Price at $10.60

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have earned a consensus recommendation of "Hold" from the eleven brokerages that are currently covering the firm, Marketbeat reports. Seven analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $10.55.

Several analysts recently issued reports on the stock. Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective for the company in a report on Monday, March 24th. Jefferies Financial Group began coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target for the company. Citigroup raised their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Wall Street Zen cut Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. Finally, Truist Financial started coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They set a "hold" rating and a $10.00 target price for the company.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Valley National Bancorp by 17.0% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company's stock worth $323,000 after acquiring an additional 5,181 shares during the period. SG Americas Securities LLC raised its position in Valley National Bancorp by 22.4% in the fourth quarter. SG Americas Securities LLC now owns 56,228 shares of the company's stock worth $509,000 after purchasing an additional 10,300 shares in the last quarter. KBC Group NV lifted its stake in Valley National Bancorp by 24.8% during the fourth quarter. KBC Group NV now owns 18,035 shares of the company's stock worth $163,000 after purchasing an additional 3,585 shares during the period. Pacer Advisors Inc. boosted its holdings in Valley National Bancorp by 8.8% during the fourth quarter. Pacer Advisors Inc. now owns 67,976 shares of the company's stock valued at $616,000 after purchasing an additional 5,503 shares in the last quarter. Finally, R Squared Ltd bought a new stake in shares of Valley National Bancorp in the 4th quarter valued at approximately $25,000. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Stock Up 0.1%

Shares of VLY traded up $0.01 during trading hours on Wednesday, hitting $8.70. 8,485,060 shares of the company were exchanged, compared to its average volume of 7,460,757. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $4.87 billion, a PE ratio of 12.61 and a beta of 1.05. The firm's 50 day moving average is $8.65 and its 200-day moving average is $9.35. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The company had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. During the same period in the previous year, the company earned $0.19 EPS. On average, equities research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date of this dividend is Friday, June 13th. Valley National Bancorp's dividend payout ratio is presently 63.77%.

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.