Valley National Bancorp (NASDAQ:VLY) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Valley National Bancorp (NASDAQ:VLY) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $15.1333.

A number of brokerages have recently weighed in on VLY. Royal Bank Of Canada raised their price objective 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. TD Cowen reissued a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods raised their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a research note on Thursday, April 9th. Piper Sandler reissued an “overweight” rating and set a $16.00 price objective (up from $15.50) on shares of Valley National Bancorp in a research note on Monday, April 27th. Finally, Cantor Fitzgerald raised their price objective on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd.

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 transaction of $1,225,870.98. Following the sale, the chief operating officer owned 64,167 shares in the company, valued at approximately $868,821.18. This trade represents a 58.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.06% of the stock is currently owned by company insiders.

Institutional Trading of Valley National Bancorp

A number of hedge funds have recently bought and sold shares of VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Valley National Bancorp by 5.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock worth $2,508,000 after acquiring an additional 15,771 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in Valley National Bancorp during the first quarter worth approximately $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Valley National Bancorp by 21.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock worth $12,852,000 after acquiring an additional 255,870 shares during the last quarter. Focus Partners Wealth boosted its position in Valley National Bancorp by 34.9% during the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock worth $541,000 after acquiring an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in Valley National Bancorp during the second quarter worth approximately $119,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Trading Up 1.6%

Shares of VLY opened at $14.61 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a 50 day simple moving average of $13.63 and a 200-day simple moving average of $12.80. Valley National Bancorp has a 1-year low of $8.77 and a 1-year high of $14.72. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of 13.16 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $531.89 million. During the same period last year, the company posted $0.18 EPS. Equities analysts forecast that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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

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.