Brokerages Set Valley National Bancorp (NASDAQ:VLY) Price Target at $13.37

Shares of Valley National Bancorp (NASDAQ:VLY) have been given an average recommendation of “Moderate Buy” by the seventeen research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $13.4286.

Several analysts have recently issued reports on the company. Cantor Fitzgerald upped their price target on Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Zacks Research cut Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Royal Bank Of Canada increased their price target on Valley National Bancorp from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Truist Financial boosted their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Finally, TD Cowen upped their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, October 27th.

Hedge Funds Weigh In On Valley National Bancorp

Large investors have recently made changes to their positions in the business. CreativeOne Wealth LLC grew its holdings in Valley National Bancorp by 17.1% in the 1st quarter. CreativeOne Wealth LLC now owns 13,243 shares of the company’s stock valued at $118,000 after buying an additional 1,933 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new stake in shares of Valley National Bancorp in the first quarter valued at approximately $183,000. AQR Capital Management LLC grew its stake in shares of Valley National Bancorp by 101.5% in the first quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company’s stock worth $89,308,000 after acquiring an additional 5,147,786 shares during the last quarter. Boothbay Fund Management LLC grew its stake in shares of Valley National Bancorp by 634.2% in the first quarter. Boothbay Fund Management LLC now owns 889,190 shares of the company’s stock worth $7,905,000 after acquiring an additional 768,088 shares during the last quarter. Finally, EJF Capital LLC increased its position in Valley National Bancorp by 8.1% during the first quarter. EJF Capital LLC now owns 637,880 shares of the company’s stock worth $5,671,000 after acquiring an additional 47,725 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 0.1%

Valley National Bancorp stock opened at $11.69 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $12.18. The firm’s fifty day simple moving average is $11.35 and its 200-day simple moving average is $10.46. The company has a market capitalization of $6.52 billion, a P/E ratio of 13.28 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The firm had revenue of $511.08 million during the quarter, compared to analysts’ expectations of $511.47 million. During the same period in the prior year, the company posted $0.18 earnings per share. Valley National Bancorp’s revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Monday, December 15th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 50.00%.

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.