Valley National Bancorp (NASDAQ:VLY) Given Consensus Recommendation of “Buy” by Brokerages

Valley National Bancorp (NASDAQ:VLY) has earned an average rating of “Buy” from the seventeen analysts that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $13.25.

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. TD Cowen boosted their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Truist Financial increased their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, September 12th. Barclays reiterated a “positive” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in VLY. CANADA LIFE ASSURANCE Co boosted its position in shares of Valley National Bancorp by 0.3% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 366,797 shares of the company’s stock worth $3,881,000 after buying an additional 1,192 shares in the last quarter. Dark Forest Capital Management LP raised its position in Valley National Bancorp by 369.5% during the third quarter. Dark Forest Capital Management LP now owns 115,721 shares of the company’s stock worth $1,227,000 after acquiring an additional 91,072 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Valley National Bancorp by 4.4% in the third quarter. Verition Fund Management LLC now owns 1,247,107 shares of the company’s stock valued at $13,219,000 after purchasing an additional 52,387 shares in the last quarter. Scientech Research LLC grew its position in shares of Valley National Bancorp by 9.1% in the third quarter. Scientech Research LLC now owns 75,613 shares of the company’s stock valued at $801,000 after purchasing an additional 6,305 shares during the last quarter. Finally, Polymer Capital Management US LLC purchased a new position in shares of Valley National Bancorp during the 3rd quarter worth approximately $725,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $10.46 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $10.71 and a 200-day simple moving average of $9.83. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 11.89 and a beta of 1.17. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $11.35.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The firm had revenue of $511.08 million for the quarter, compared to analyst estimates of $511.47 million. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.Valley National Bancorp’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Monday, December 15th. Valley National Bancorp’s payout ratio is presently 50.00%.

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.