Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $13.00

Valley National Bancorp (NASDAQ:VLY) had its price target boosted by JPMorgan Chase & Co. from $11.00 to $13.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also recently commented on the company. Hovde Group started coverage on Valley National Bancorp in a research note on Wednesday, September 10th. They set an “outperform” rating and a $12.50 target price for the company. Royal Bank Of Canada increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Truist Financial raised their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Cantor Fitzgerald initiated coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They set an “overweight” rating and a $12.00 price objective for the company. Finally, Morgan Stanley raised their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.54.

Valley National Bancorp Stock Up 0.7%

Shares of NASDAQ VLY opened at $10.64 on Wednesday. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.14. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 13.64 and a beta of 1.12. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50-day simple moving average is $10.21 and its 200-day simple moving average is $9.33.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The firm had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. Valley National Bancorp’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, equities analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Valley National Bancorp’s dividend payout ratio is currently 56.41%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in Valley National Bancorp by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company’s stock worth $267,054,000 after buying an additional 1,377,676 shares during the last quarter. Geode Capital Management LLC grew its stake in Valley National Bancorp by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 12,791,712 shares of the company’s stock worth $114,242,000 after buying an additional 499,647 shares during the last quarter. AQR Capital Management LLC grew its stake in Valley National Bancorp by 101.5% during the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company’s stock worth $89,308,000 after buying an additional 5,147,786 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Valley National Bancorp by 43.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company’s stock worth $90,810,000 after buying an additional 3,091,169 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Valley National Bancorp by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company’s stock worth $69,494,000 after buying an additional 204,942 shares during the last quarter. 61.00% of the stock is currently owned by 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.