Valley National Bancorp (NASDAQ:VLY) Receives $14.40 Average Price Target from Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen analysts that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $14.40.

Several analysts have weighed in on VLY shares. Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Hovde Group increased their target price on Valley National Bancorp from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. UBS Group initiated coverage on Valley National Bancorp in a research note on Monday, December 15th. They issued a “buy” rating and a $15.00 target price for the company. Cantor Fitzgerald lifted their price target on Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $14.00 to $14.50 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th.

Valley National Bancorp Trading Up 0.8%

NASDAQ:VLY opened at $11.83 on Tuesday. The company has a 50-day moving average price of $12.56 and a 200-day moving average price of $11.59. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 11.71 and a beta of 1.07. 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 12 month low of $7.48 and a 12 month high of $13.87.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $524.31 million. During the same quarter in the previous year, the company earned $0.13 earnings per share. Valley National Bancorp’s quarterly revenue was up 14.1% on a year-over-year basis. Equities analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.7%. Valley National Bancorp’s dividend payout ratio is currently 43.56%.

Insider Activity

In other Valley National Bancorp news, Director Carlos J. Vazquez purchased 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the purchase, the director directly owned 4,252 shares in the company, valued at $57,189.40. The trade was a 142.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Valley National Bancorp

Several hedge funds have recently bought and sold shares of the business. Azora Capital LP bought a new position in shares of Valley National Bancorp during the third quarter valued at approximately $103,120,000. Marshall Wace LLP boosted its position in shares of Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock worth $79,787,000 after purchasing an additional 6,217,716 shares in the last quarter. Norges Bank purchased a new stake in shares of Valley National Bancorp in the 4th quarter worth approximately $71,554,000. UBS Group AG grew its stake in shares of Valley National Bancorp by 404.7% in the 3rd quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock worth $62,197,000 after buying an additional 4,704,971 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in Valley National Bancorp by 260.8% during the 4th quarter. Squarepoint Ops LLC now owns 5,239,435 shares of the company’s stock valued at $61,197,000 after buying an additional 3,787,203 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

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.