Valley National Bancorp (NASDAQ:VLY) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Valley National Bancorp has a consensus analyst rating of “Moderate Buy” from 17 brokerages, with 11 buy ratings and an average 1-year price target of about $15.13.
• The company recently reported stronger-than-expected quarterly results, posting EPS of $0.29 versus the $0.27 estimate and revenue of $1.01 billion, far above analyst forecasts.
• Valley National also announced a quarterly dividend of $0.11 per share, equal to an annualized yield of 3.2%, while insider activity included COO Russell Barrett selling a large block of shares.

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have been given an average rating of "Moderate Buy" by the seventeen ratings firms that are covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $15.1333.

Several research firms have issued reports on VLY. Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research report on Thursday, April 9th. Royal Bank Of Canada lifted their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. TD Cowen lifted their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Cantor Fitzgerald lifted their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 3rd. Finally, Morgan Stanley restated an "equal weight" rating and issued a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a research report on Wednesday, May 6th.

Insider Buying and Selling

In related news, COO Russell Barrett sold 90,537 shares of the firm's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the transaction, the chief operating officer owned 64,167 shares of the company's stock, valued at approximately $868,821.18. This trade represents a 58.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.06% of the company's stock.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Valley National Bancorp by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company's stock worth $2,508,000 after purchasing an additional 15,771 shares during the period. Jones Financial Companies Lllp acquired a new position in Valley National Bancorp in the 1st quarter worth approximately $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Valley National Bancorp by 21.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company's stock worth $12,852,000 after purchasing an additional 255,870 shares during the period. Focus Partners Wealth boosted its stake in Valley National Bancorp by 34.9% in the 1st quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock worth $541,000 after purchasing an additional 15,761 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new position in Valley National Bancorp in the 2nd quarter worth approximately $119,000. Institutional investors and hedge funds own 61.00% of the company's stock.

Valley National Bancorp Trading Up 0.4%

Valley National Bancorp stock opened at $13.77 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 12.41 and a beta of 1.04. Valley National Bancorp has a 1 year low of $8.36 and a 1 year high of $14.12. The firm's 50 day moving average price is $13.04 and its two-hundred day moving average price is $12.41.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same quarter in the previous year, the business posted $0.18 earnings per share. On average, research analysts predict that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.2%. Valley National Bancorp's dividend payout ratio (DPR) is currently 39.64%.

About Valley National Bancorp

Valley National Bancorp NASDAQ: VLY is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.

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