Barclays Raises Valley National Bancorp (NASDAQ:VLY) Price Target to $9.00

Valley National Bancorp (NASDAQ:VLY - Free Report) had its price target lifted by Barclays from $8.00 to $9.00 in a report published on Friday, Benzinga reports. Barclays currently has an underweight rating on the stock.

Several other research firms have also recently issued reports on VLY. Piper Sandler lifted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday. Royal Bank of Canada lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 9th. Wedbush reaffirmed a "neutral" rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday. Finally, Morgan Stanley boosted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $9.63.

Valley National Bancorp Stock Down 3.4 %

VLY stock traded down $0.33 during midday trading on Friday, hitting $9.27. The company's stock had a trading volume of 5,704,569 shares, compared to its average volume of 5,852,893. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The firm has a market capitalization of $4.72 billion, a P/E ratio of 13.11 and a beta of 1.08. The firm has a 50-day simple moving average of $8.76 and a 200-day simple moving average of $7.88.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The company had revenue of $921.22 million during the quarter, compared to analysts' expectations of $467.87 million. During the same quarter last year, the company posted $0.26 EPS. As a group, equities analysts forecast that Valley National Bancorp will post 0.7 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.75%. Valley National Bancorp's dividend payout ratio is presently 61.97%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its stake in shares of Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock worth $44,000 after acquiring an additional 1,564 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Valley National Bancorp during the first quarter worth about $43,000. Innealta Capital LLC acquired a new position in shares of Valley National Bancorp during the second quarter worth about $38,000. Hexagon Capital Partners LLC increased its stake in shares of Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock worth $56,000 after acquiring an additional 5,001 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock worth $62,000 after acquiring an additional 2,151 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.