Valley National Bancorp (NASDAQ:VLY) Sets New 12-Month High - Still a Buy?

Key Points

• Valley National Bancorp reached a new 52-week high of $14.70, reflecting recent momentum in the stock even as the article notes it was trading down 1.5% at one point during the session.
• Recent earnings beat expectations, with quarterly EPS of $0.29 versus the $0.27 consensus and revenue of $1.01 billion, well above analysts’ estimate of $531.89 million.
• Wall Street remains generally upbeat: analysts have a Moderate Buy consensus rating with an average price target of $15.13, and the stock also offers a 3.1% dividend yield based on its quarterly payout.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $14.70 and last traded at $14.7150, with a volume of 355651 shares. The stock had previously closed at $14.63.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on VLY shares. National Bank Financial set a $17.00 price target on Valley National Bancorp in a research note on Monday, April 27th. Cantor Fitzgerald upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 3rd. Keefe, Bruyette & Woods increased their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a report on Thursday, April 9th. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $14.50 to $15.00 and gave the company an "overweight" rating in a research report on Friday, April 24th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $16.00 price target (up from $15.50) on shares of Valley National Bancorp in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $15.13.

Valley National Bancorp Trading Down 1.5%

The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 12.97 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50-day moving average of $13.40 and a 200-day moving average of $12.64.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same period in the prior year, the firm posted $0.18 earnings per share. Research analysts anticipate that Valley National Bancorp will post 1.29 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.11 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.1%. Valley National Bancorp's dividend payout ratio (DPR) is currently 39.64%.

Insider Transactions at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Russell Barrett sold 90,537 shares of the business's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $13.54, for a total value of $1,225,870.98. Following the transaction, the chief operating officer directly owned 64,167 shares in the company, valued at approximately $868,821.18. This trade represents a 58.52% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.06% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cedar Mountain Advisors LLC bought a new stake in Valley National Bancorp in the 1st quarter valued at $26,000. Assetmark Inc. boosted its position in Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock worth $26,000 after purchasing an additional 1,189 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Valley National Bancorp in the fourth quarter valued at $26,000. First Horizon Corp increased its holdings in shares of Valley National Bancorp by 52.5% in the fourth quarter. First Horizon Corp now owns 3,219 shares of the company's stock valued at $38,000 after purchasing an additional 1,108 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new position in shares of Valley National Bancorp in the fourth quarter valued at about $39,000. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Company Profile

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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