Valley National Bancorp (NASDAQ:VLY) Given Average Recommendation of "Hold" by Brokerages

Shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) have been given an average recommendation of "Hold" by the nine brokerages that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $10.78.

VLY has been the subject of several research reports. Royal Bank of Canada raised their target price on Valley National Bancorp from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. lifted their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research note on Friday, January 24th. StockNews.com lowered Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Thursday. Finally, Stephens reissued an "overweight" rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd.

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Insiders Place Their Bets

In other news, EVP Joseph Chillura sold 50,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction of $510,500.00. Following the sale, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.88% of the company's stock.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in VLY. R Squared Ltd bought a new stake in shares of Valley National Bancorp in the 4th quarter valued at $25,000. Point72 Hong Kong Ltd acquired a new position in Valley National Bancorp in the fourth quarter valued at $39,000. Optiver Holding B.V. boosted its position in Valley National Bancorp by 80.9% during the fourth quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock valued at $46,000 after acquiring an additional 2,271 shares during the last quarter. Sapient Capital LLC acquired a new stake in Valley National Bancorp during the 4th quarter worth about $103,000. Finally, CreativeOne Wealth LLC bought a new position in shares of Valley National Bancorp in the 4th quarter worth about $102,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Trading Down 10.6 %

Shares of VLY traded down $0.96 on Tuesday, hitting $8.10. 10,075,334 shares of the stock traded hands, compared to its average volume of 6,659,816. The firm has a market capitalization of $4.54 billion, a P/E ratio of 11.74 and a beta of 1.11. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The stock's 50 day moving average is $9.52 and its two-hundred day moving average is $9.52.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period last year, the business posted $0.22 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date of this dividend was Friday, March 14th. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

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.