Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $12.00 at Royal Bank of Canada

Valley National Bancorp (NASDAQ:VLY - Free Report) had its target price boosted by Royal Bank of Canada from $11.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research note on Friday. Stephens reaffirmed an "overweight" rating and issued a $12.50 price target on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Piper Sandler upped their target price 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. Morgan Stanley increased their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. Finally, StockNews.com lowered Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.56.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock traded up $0.39 on Friday, hitting $10.17. The company had a trading volume of 10,078,331 shares, compared to its average volume of 6,655,600. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10. The company has a market cap of $5.18 billion, a PE ratio of 16.40 and a beta of 1.12. The business has a 50-day simple moving average of $9.75 and a 200-day simple moving average of $9.06. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the prior year, the firm earned $0.22 EPS. Research analysts expect that Valley National Bancorp will post 0.64 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.33%. The ex-dividend date was Friday, December 13th. Valley National Bancorp's dividend payout ratio is 70.97%.

Institutional Investors Weigh In On Valley National Bancorp

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in Valley National Bancorp by 384.2% during the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company's stock worth $81,276,000 after buying an additional 7,118,044 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Valley National Bancorp by 193.2% in the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company's stock worth $69,233,000 after acquiring an additional 6,703,552 shares in the last quarter. Victory Capital Management Inc. grew its position in Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company's stock worth $51,431,000 after acquiring an additional 5,322,278 shares during the last quarter. Millennium Management LLC raised its position in Valley National Bancorp by 995.0% in the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company's stock valued at $19,374,000 after purchasing an additional 2,522,204 shares during the last quarter. Finally, Basswood Capital Management L.L.C. acquired a new position in Valley National Bancorp in the third quarter worth $19,399,000. Institutional investors and hedge funds own 61.00% of the company's stock.

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.