Valley National Bancorp (NASDAQ:VLY) Sets New 52-Week High After Strong Earnings

Valley National Bancorp (NASDAQ:VLY) reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $14.12 and last traded at $13.5050, with a volume of 3920455 shares. The stock had previously closed at $13.25.

The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.During the same period last year, the firm earned $0.18 EPS.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.3%. The ex-dividend date was Friday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 43.56%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on VLY shares. Hovde Group boosted their price objective on Valley National Bancorp from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Royal Bank Of Canada increased their target price on Valley National Bancorp from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Keefe, Bruyette & Woods lifted their price target on shares of Valley National Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Citigroup reissued a “buy” rating on shares of Valley National Bancorp in a report on Monday, February 2nd. Finally, National Bank Financial set a $16.00 price objective on shares of Valley National Bancorp in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.77.

Insider Activity at Valley National Bancorp

In other news, Director Carlos J. Vazquez purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was purchased at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the transaction, the director owned 4,252 shares of the company’s stock, valued at $57,189.40. This trade represents a 142.69% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.06% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new stake in shares of Valley National Bancorp during the fourth quarter worth $26,000. First Horizon Corp lifted its stake in shares of Valley National Bancorp by 52.5% in the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after buying an additional 1,108 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in Valley National Bancorp during the fourth quarter worth about $39,000. Smartleaf Asset Management LLC boosted its position in Valley National Bancorp by 77.4% during the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock worth $48,000 after acquiring an additional 1,996 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Valley National Bancorp by 24.5% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after acquiring an additional 855 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

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 stock’s fifty day simple moving average is $12.65 and its 200 day simple moving average is $11.93. The company has a market cap of $7.50 billion, a price-to-earnings ratio of 13.39 and a beta of 1.03.

Valley National Bancorp Company Profile

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.