Valley National Bancorp (NASDAQ:VLY) Receives $8.67 Average Price Target from Analysts

Valley National Bancorp (NASDAQ:VLY) has received a consensus recommendation of “Hold” from the nine analysts that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $8.67.

A number of analysts have commented on VLY shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $8.00 price target (down from $12.00) on shares of Valley National Bancorp in a research report on Friday, May 31st. Citigroup dropped their target price on shares of Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Royal Bank of Canada dropped their target price on shares of Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, April 9th. JPMorgan Chase & Co. dropped their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Finally, StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 17th.

Valley National Bancorp Trading Up 0.3 %

NASDAQ VLY opened at $6.91 on Friday. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The company has a 50-day simple moving average of $7.19 and a 200-day simple moving average of $8.30. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $3.52 billion, a PE ratio of 8.13 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The firm had revenue of $890.07 million for the quarter, compared to analyst estimates of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post 0.86 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Thursday, June 13th were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.44 annualized dividend and a dividend yield of 6.37%. Valley National Bancorp’s dividend payout ratio is presently 51.76%.

Insider Activity at Valley National Bancorp

In related news, Director Andrew B. Abramson sold 16,451 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total value of $127,001.72. Following the completion of the transaction, the director now directly owns 224,679 shares of the company’s stock, valued at $1,734,521.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Joseph Chillura sold 10,000 shares of Valley National Bancorp stock in a transaction on Friday, June 14th. The stock was sold at an average price of $6.57, for a total transaction of $65,700.00. Following the completion of the sale, the executive vice president now owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew B. Abramson sold 16,451 shares of Valley National Bancorp stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total value of $127,001.72. Following the sale, the director now directly owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,451 shares of company stock valued at $378,452. 1.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of VLY. Vanguard Group Inc. grew its position in Valley National Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 45,625,380 shares of the company’s stock valued at $495,492,000 after acquiring an additional 198,236 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Valley National Bancorp by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 24,889,858 shares of the company’s stock worth $270,309,000 after purchasing an additional 1,257,800 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Valley National Bancorp by 7.6% during the third quarter. American Century Companies Inc. now owns 13,025,530 shares of the company’s stock worth $111,499,000 after purchasing an additional 920,140 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Valley National Bancorp by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,294,793 shares of the company’s stock worth $68,361,000 after purchasing an additional 259,796 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Valley National Bancorp by 3.3% during the fourth quarter. Victory Capital Management Inc. now owns 5,093,370 shares of the company’s stock worth $55,314,000 after purchasing an additional 161,121 shares during the last quarter. 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.