Valley National Bancorp (NASDAQ:VLY) Given Consensus Rating of “Hold” by Brokerages

Valley National Bancorp (NASDAQ:VLY) has received a consensus recommendation of “Hold” from the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $10.00.

A number of brokerages have commented on VLY. Piper Sandler upped their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Morgan Stanley raised their target price on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. Finally, Royal Bank of Canada boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of VLY. Raymond James & Associates lifted its position in shares of Valley National Bancorp by 1.2% during the second quarter. Raymond James & Associates now owns 256,797 shares of the company’s stock worth $1,792,000 after purchasing an additional 3,035 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Valley National Bancorp in the 2nd quarter worth about $94,000. Innealta Capital LLC purchased a new position in shares of Valley National Bancorp during the second quarter worth approximately $38,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Valley National Bancorp during the second quarter valued at approximately $509,000. Finally, WBI Investments LLC boosted its holdings in shares of Valley National Bancorp by 122.5% in the second quarter. WBI Investments LLC now owns 74,471 shares of the company’s stock valued at $520,000 after purchasing an additional 41,003 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 0.2 %

VLY stock opened at $9.25 on Friday. The stock has a market capitalization of $4.71 billion, a P/E ratio of 14.92 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.12. The business has a fifty day moving average price of $9.93 and a 200-day moving average price of $8.68.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The firm had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the previous year, the business posted $0.26 earnings per share. Equities analysts forecast that Valley National Bancorp will post 0.65 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.76%. The ex-dividend date is Friday, December 13th. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

About Valley National Bancorp

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.