Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $12.00

Valley National Bancorp (NASDAQ:VLY) had its target price increased by Royal Bank of Canada from $11.00 to $12.00 in a report issued on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other analysts have also issued reports on the company. Piper Sandler increased their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Stephens restated an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research report on Thursday, January 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research report on Friday. Barclays raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Finally, Wedbush restated a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.56.

Valley National Bancorp Stock Up 4.0 %

VLY stock opened at $10.17 on Friday. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The business’s 50 day simple moving average is $9.75 and its 200 day simple moving average is $9.08. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.18 billion, a PE ratio of 16.40 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the prior year, the company earned $0.22 earnings per share. As a group, research analysts anticipate that Valley National Bancorp will post 0.64 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.33%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its holdings in shares of Valley National Bancorp by 384.2% in the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock valued at $81,276,000 after purchasing an additional 7,118,044 shares during the last quarter. AQR Capital Management LLC increased its stake in 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 valued at $69,233,000 after buying an additional 6,703,552 shares during the last quarter. Victory Capital Management Inc. increased its stake in Valley National Bancorp by 1,501.7% in the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after buying an additional 5,322,278 shares during the last quarter. Millennium Management LLC lifted its position in shares of Valley National Bancorp by 995.0% during the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after buying an additional 2,522,204 shares in the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new position in shares of Valley National Bancorp in the 3rd quarter worth approximately $19,399,000. Institutional investors own 61.00% of the company’s stock.

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.