Valley National Bancorp (NASDAQ:VLY) Sets New 52-Week High – Should You Buy?

Valley National Bancorp (NASDAQ:VLY)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.22 and last traded at $12.2150, with a volume of 1007239 shares changing hands. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

VLY has been the subject of a number of research analyst reports. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Truist Financial boosted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Zacks Research downgraded Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 9th. National Bankshares set a $14.50 target price on Valley National Bancorp in a report on Tuesday, December 16th. Finally, Keefe, Bruyette & Woods upped their price target on Valley National Bancorp from $11.50 to $12.00 and gave the stock a “market perform” rating in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.43.

Valley National Bancorp Price Performance

The company has a market cap of $6.69 billion, a price-to-earnings ratio of 13.64 and a beta of 1.09. 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 company has a fifty day moving average price of $11.46 and a two-hundred day moving average price of $10.57.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The business had revenue of $511.08 million during the quarter, compared to analyst estimates of $511.47 million. During the same period in the prior year, the company posted $0.18 earnings per share. Valley National Bancorp’s revenue was up 8.5% on a year-over-year basis. As a group, equities research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, December 15th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 50.00%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Valley National Bancorp by 0.9% in the third quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock valued at $1,137,000 after acquiring an additional 951 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Valley National Bancorp by 0.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 366,797 shares of the company’s stock valued at $3,881,000 after acquiring an additional 1,192 shares during the last quarter. Allworth Financial LP grew its stake in Valley National Bancorp by 2.0% during the 3rd quarter. Allworth Financial LP now owns 59,736 shares of the company’s stock worth $633,000 after buying an additional 1,198 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Valley National Bancorp by 0.8% during the third quarter. New York State Common Retirement Fund now owns 145,783 shares of the company’s stock worth $1,545,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Valley National Bancorp by 23.2% during the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company’s stock valued at $62,000 after purchasing an additional 1,297 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.