Valley National Bancorp (NASDAQ:VLY) Receives $8.44 Consensus PT from Analysts

Valley National Bancorp (NASDAQ:VLY) has been given a consensus rating of “Hold” by the nine ratings firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $8.61.

A number of equities research analysts have weighed in on VLY shares. Barclays lowered their target price on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Wedbush reiterated a “neutral” rating and issued a $8.00 price objective on shares of Valley National Bancorp in a research note on Wednesday, May 22nd. Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday. Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. cut their price objective 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.

Insider Buying and Selling at Valley National Bancorp

In related news, Director Andrew B. Abramson sold 16,451 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total value of $127,001.72. Following the transaction, the director now owns 224,679 shares in the company, valued at $1,734,521.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Valley National Bancorp news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total transaction of $127,001.72. Following the sale, the director now owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph Chillura sold 10,000 shares of Valley National Bancorp stock in a transaction on Friday, June 14th. The shares were sold at an average price of $6.57, for a total value of $65,700.00. Following the completion of the transaction, the executive vice president now owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The disclosure for this sale can be found here. Insiders have sold a total of 51,451 shares of company stock worth $378,452 over the last three months. 1.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. Louisiana State Employees Retirement System purchased a new position in Valley National Bancorp in the 4th quarter worth approximately $1,301,000. BNP Paribas Financial Markets increased its stake in Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after acquiring an additional 484,332 shares during the last quarter. Cerity Partners LLC bought a new position in Valley National Bancorp in the fourth quarter valued at $1,623,000. Charles Schwab Investment Management Inc. raised its position in Valley National Bancorp by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,294,793 shares of the company’s stock valued at $68,361,000 after purchasing an additional 259,796 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Valley National Bancorp by 60.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 299,963 shares of the company’s stock worth $3,258,000 after purchasing an additional 113,527 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Down 2.4 %

Shares of VLY opened at $8.03 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 9.45 and a beta of 1.08. The stock has a fifty day moving average of $7.15 and a 200-day moving average of $7.87.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results 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 return on equity of 6.53% and a net margin of 10.79%. The company had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. During the same period in the previous year, the firm posted $0.28 earnings per share. As a group, sell-side analysts anticipate that Valley National Bancorp will post 0.77 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Thursday, June 13th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.44 annualized dividend and a yield of 5.48%. Valley National Bancorp’s payout ratio is currently 51.76%.

Valley National Bancorp Company Profile

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.