Valley National Bancorp (NASDAQ:VLY) Coverage Initiated at Truist Financial

Truist Financial started coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a report issued on Tuesday morning, Marketbeat.com reports. The firm issued a hold rating and a $10.00 target price on the stock.

VLY has been the subject of several other reports. Barclays cut their target price on shares of Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Citigroup upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. JPMorgan Chase & Co. upped their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Finally, StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 26th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.60.

Valley National Bancorp Price Performance

VLY opened at $9.20 on Tuesday. The company has a fifty day moving average price of $8.62 and a 200-day moving average price of $9.40. The firm has a market capitalization of $5.15 billion, a P/E ratio of 13.33 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.98 and a quick ratio of 0.98. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $479.67 million for the quarter, compared to analysts’ expectations of $483.98 million. Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same quarter last year, the firm earned $0.19 earnings per share. Equities research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.11 per share. The ex-dividend date was Friday, March 14th. This represents a $0.44 annualized dividend and a yield of 4.78%. Valley National Bancorp’s payout ratio is 63.77%.

Institutional Trading of Valley National Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Versor Investments LP boosted its position in Valley National Bancorp by 95.0% during the first quarter. Versor Investments LP now owns 192,700 shares of the company’s stock valued at $1,713,000 after buying an additional 93,900 shares during the period. Algert Global LLC raised its stake in shares of Valley National Bancorp by 1,593.5% during the first quarter. Algert Global LLC now owns 1,380,089 shares of the company’s stock valued at $12,269,000 after acquiring an additional 1,298,597 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Valley National Bancorp by 4.8% during the first quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company’s stock valued at $267,054,000 after acquiring an additional 1,377,676 shares during the last quarter. Persistent Asset Partners Ltd raised its stake in shares of Valley National Bancorp by 43,659.7% during the first quarter. Persistent Asset Partners Ltd now owns 155,508 shares of the company’s stock valued at $1,382,000 after acquiring an additional 155,865 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Valley National Bancorp by 35.2% during the first quarter. Russell Investments Group Ltd. now owns 361,845 shares of the company’s stock valued at $3,216,000 after acquiring an additional 94,289 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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.