Valley National Bancorp (NASDAQ:VLY) Sets New 1-Year High – Here’s What Happened

Valley National Bancorp (NASDAQ:VLY)’s share price reached a new 52-week high on Thursday . The company traded as high as $14.78 and last traded at $14.8230, with a volume of 272645 shares traded. The stock had previously closed at $14.61.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on VLY. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $14.50 to $15.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $15.00 price target (up from $14.00) on shares of Valley National Bancorp in a research note on Wednesday, May 6th. National Bank Financial set a $17.00 price target on Valley National Bancorp in a report on Monday, April 27th. Piper Sandler boosted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research note on Friday. Finally, Royal Bank Of Canada upped their price objective on shares of Valley National Bancorp from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.17.

Valley National Bancorp Stock Performance

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average of $13.70 and a 200-day moving average of $12.84. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 13.26 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 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same quarter in the previous year, the firm posted $0.18 EPS. As a group, sell-side analysts predict that Valley National Bancorp will post 1.29 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, June 15th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 39.64%.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer directly owned 76,116 shares of the company’s stock, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Russell Barrett sold 90,537 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the sale, the chief operating officer owned 64,167 shares in the company, valued at $868,821.18. The trade was a 58.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.06% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC acquired a new stake in Valley National Bancorp during the 1st quarter worth about $26,000. Assetmark Inc. raised its stake in shares of Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at about $26,000. First Horizon Corp lifted its holdings in shares of Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Valley National Bancorp in the fourth quarter worth about $39,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.