Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $17.00

by · The Markets Daily

Valley National Bancorp (NASDAQ:VLY – Free Report) had its target price raised by Barclays from $15.00 to $17.00 in a report published on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

VLY has been the topic of several other research reports. Cantor Fitzgerald increased their price target on Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. National Bank Financial set a $18.50 price target on Valley National Bancorp in a research report on Monday, October 26th. JPMorgan Chase & Co. lifted their price objective on shares of Valley National Bancorp from $15.50 to $16.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $17.00 price objective on the stock in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Valley National Bancorp in a research report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Valley National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.

Read Our Latest Stock Report on Valley National Bancorp

Valley National Bancorp Trading Down 3.0%

Shares of NASDAQ VLY opened at $14.06 on Tuesday. The business’s 50 day moving average is $13.40 and its two-hundred day moving average is $13.49. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.95 and a quick ratio of 0.95. Valley National Bancorp has a 1-year low of $10.34 and a 1-year high of $15.20. The stock has a market capitalization of $7.77 billion, a P/E ratio of 11.16 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The business had revenue of $581.10 million during the quarter, compared to analyst estimates of $577.82 million. Valley National Bancorp had a return on equity of 9.63% and a net margin of 20.44%. During the same period last year, the company earned $0.28 EPS. As a group, research analysts expect that Valley National Bancorp will post 1.29 EPS for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, December 15th. Valley National Bancorp’s payout ratio is 34.92%.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Compass Financial Management LLC bought a new stake in Valley National Bancorp during the 2nd quarter valued at $28,000. Cedar Mountain Advisors LLC bought a new position in shares of Valley National Bancorp during the 1st quarter worth $26,000. Assetmark Inc. grew its position in shares of Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares in the last quarter. Root Financial Partners LLC grew its position in shares of Valley National Bancorp by 127.3% during the 1st quarter. Root Financial Partners LLC now owns 3,976 shares of the company’s stock worth $49,000 after buying an additional 2,227 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of Valley National Bancorp by 41.8% during the first quarter. Parallel Advisors LLC now owns 6,163 shares of the company’s stock valued at $76,000 after buying an additional 1,816 shares during the period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

About Valley National Bancorp

(Get Free Report)

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional bank headquartered in Wayne, New Jersey. The company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities through a network of branches and digital banking channels.

Valley National Bank offers deposit accounts, residential and commercial real estate lending, business loans, consumer loans, mortgage banking, treasury management and other commercial banking services.

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