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

Valley National Bancorp (NASDAQ:VLY) has earned a consensus rating of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, MarketBeat.com 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 price objective among brokerages that have updated their coverage on the stock in the last year is $15.1333.

VLY has been the subject of several research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a research note on Wednesday, May 6th. Royal Bank Of Canada raised 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 note on Friday, April 24th. Hovde Group raised their price objective on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. National Bank Financial set a $17.00 price objective on shares of Valley National Bancorp in a report on Monday, April 27th. Finally, TD Cowen raised their price objective on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, April 27th.

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 directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC boosted its holdings in Valley National Bancorp by 24.5% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock worth $51,000 after buying an additional 855 shares during the period. Ritholtz Wealth Management boosted its holdings in Valley National Bancorp by 5.6% in the 4th quarter. Ritholtz Wealth Management now owns 16,652 shares of the company’s stock worth $194,000 after buying an additional 888 shares during the period. Bank of Montreal Can boosted its holdings in Valley National Bancorp by 2.1% in the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company’s stock worth $513,000 after buying an additional 918 shares during the period. Rothschild Investment LLC boosted its holdings in Valley National Bancorp by 7.3% in the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company’s stock worth $159,000 after buying an additional 923 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC lifted its stake in Valley National Bancorp by 0.9% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock worth $1,137,000 after purchasing an additional 951 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $13.78 on Friday. The company’s 50 day moving average price is $13.20 and its two-hundred day moving average price is $12.50. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 52 week low of $8.36 and a 52 week high of $14.12. The stock has a market cap of $7.64 billion, a P/E ratio of 12.41 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY) last issued 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. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $531.89 million. During the same quarter last year, the business posted $0.18 EPS. On average, equities analysts predict that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Announces Dividend

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