Brokerages Set Valley National Bancorp (NASDAQ:VLY) Price Target at $10.00

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have been given a consensus rating of "Hold" by the eight brokerages that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $10.00.

A number of analysts have commented on the stock. Piper Sandler upped their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. StockNews.com cut Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. Morgan Stanley increased their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an "equal weight" rating in a research report on Monday, September 30th. Wedbush reaffirmed a "neutral" rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $10.50 to $11.00 in a research report on Monday, November 11th.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded up $0.15 during mid-day trading on Friday, hitting $9.16. The company's stock had a trading volume of 18,453,625 shares, compared to its average volume of 6,161,946. The stock has a market capitalization of $4.67 billion, a P/E ratio of 14.77 and a beta of 1.09. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.18. The stock's fifty day moving average price is $9.94 and its two-hundred day moving average price is $8.62. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The business had revenue of $921.22 million for the quarter, compared to analysts' expectations of $467.87 million. During the same period in the previous year, the firm posted $0.26 EPS. Research analysts forecast that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend is Friday, December 13th. Valley National Bancorp's dividend payout ratio is presently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. bought a new position in shares of Valley National Bancorp in the third quarter valued at approximately $25,000. Blue Trust Inc. grew its stake in Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock valued at $44,000 after buying an additional 1,564 shares during the last quarter. Innealta Capital LLC bought a new position in Valley National Bancorp in the 2nd quarter worth $38,000. Hexagon Capital Partners LLC lifted its position in Valley National Bancorp by 416.8% during the 3rd 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 last quarter. Finally, GAMMA Investing LLC boosted its holdings in Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock valued at $62,000 after acquiring an additional 2,151 shares during the period. 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.