Valley National Bancorp (NASDAQ:VLY - Free Report) had its price target raised by Barclays from $10.00 to $11.00 in a report published on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.
Several other analysts also recently weighed in on VLY. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd. Piper Sandler upgraded Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price for the company in a research note on Monday, March 24th. 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. Jefferies Financial Group started coverage on Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target for the company. Finally, Wall Street Zen cut Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $10.73.
Check Out Our Latest Stock Analysis on VLY
Valley National Bancorp Stock Performance
Shares of Valley National Bancorp stock traded up $0.11 during trading on Tuesday, reaching $9.64. The company's stock had a trading volume of 9,939,187 shares, compared to its average volume of 8,031,472. Valley National Bancorp has a one year low of $6.57 and a one year high of $11.10. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 13.97 and a beta of 1.06. The business's fifty day moving average price is $8.92 and its 200-day moving average price is $9.08.
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 for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. The business had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. During the same quarter in the previous year, the company earned $0.19 EPS. As a group, equities research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.
Valley National Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a $0.11 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.56%. Valley National Bancorp's payout ratio is presently 63.77%.
Hedge Funds Weigh In On Valley National Bancorp
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Valley National Bancorp by 9.2% in the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock valued at $453,020,000 after buying an additional 4,204,651 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Valley National Bancorp by 4.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock worth $267,054,000 after purchasing an additional 1,377,676 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Valley National Bancorp by 90.2% in the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock worth $154,558,000 after purchasing an additional 8,088,466 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Valley National Bancorp by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company's stock worth $107,122,000 after purchasing an additional 656,200 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Valley National Bancorp by 101.5% in the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock worth $89,308,000 after purchasing an additional 5,147,786 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.
About Valley National Bancorp
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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.
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