Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $12.00 at Royal Bank of Canada

Valley National Bancorp (NASDAQ:VLY) had its target price raised by Royal Bank of Canada from $11.00 to $12.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

VLY has been the topic of a number of other reports. Morgan Stanley boosted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Barclays upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Stephens restated an “overweight” rating and issued a $12.50 price target on shares of Valley National Bancorp in a research note on Thursday, January 2nd. JPMorgan Chase & Co. increased their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Piper Sandler boosted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Hold” and an average price target of $10.56.

Valley National Bancorp Price Performance

Shares of VLY opened at $10.17 on Friday. The firm has a 50-day simple moving average of $9.75 and a two-hundred day simple moving average of $9.05. The stock has a market cap of $5.18 billion, a PE ratio of 16.40 and a beta of 1.12. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the previous year, the business posted $0.22 earnings per share. As a group, analysts forecast that Valley National Bancorp will post 0.64 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Friday, December 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new position in shares of Valley National Bancorp in the 2nd quarter valued at $1,174,000. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Valley National Bancorp by 61.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 52,941 shares of the company’s stock worth $365,000 after purchasing an additional 20,091 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Valley National Bancorp by 21.0% during the second quarter. Hsbc Holdings PLC now owns 231,347 shares of the company’s stock worth $1,603,000 after purchasing an additional 40,121 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Valley National Bancorp in the 2nd quarter valued at about $264,000. Finally, AE Wealth Management LLC acquired a new stake in shares of Valley National Bancorp in the 2nd quarter valued at about $81,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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.