Valley National Bancorp (NASDAQ:VLY) Receives $8.31 Average Price Target from Brokerages

Valley National Bancorp (NASDAQ:VLY) has been given a consensus recommendation of “Hold” by the eight brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $8.31.

A number of research analysts have recently commented on VLY shares. Morgan Stanley raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $8.00 to $9.50 in a research report on Monday, August 5th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Barclays reduced their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. JPMorgan Chase & Co. lowered their price target on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th.

Institutional Trading of Valley National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new position in Valley National Bancorp during the second quarter worth about $184,000. Founders Financial Alliance LLC purchased a new position in shares of Valley National Bancorp during the second quarter worth about $148,000. Point72 Asset Management L.P. grew its holdings in shares of Valley National Bancorp by 461.7% during the second quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock worth $3,960,000 after purchasing an additional 466,303 shares in the last quarter. Waterfall Asset Management LLC bought a new position in shares of Valley National Bancorp in the second quarter worth approximately $1,693,000. Finally, Algert Global LLC raised its stake in Valley National Bancorp by 114.8% in the second quarter. Algert Global LLC now owns 221,840 shares of the company’s stock valued at $1,548,000 after purchasing an additional 118,551 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Up 3.3 %

VLY opened at $9.34 on Friday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company’s 50-day moving average price is $8.19 and its two-hundred day moving average price is $7.65. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 10.99 and a beta of 1.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The firm had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter in the previous year, the company posted $0.28 EPS. As a group, equities analysts expect that Valley National Bancorp will post 0.7 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 Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.11 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.71%. Valley National Bancorp’s dividend payout ratio (DPR) is currently 51.76%.

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.