Valley National Bancorp (NASDAQ:VLY – Free Report) had its price target lowered by Piper Sandler from $9.00 to $8.00 in a research note released on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.
Several other brokerages have also weighed in on VLY. Wedbush increased their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a neutral rating in a research note on Friday, July 28th. Hovde Group raised Valley National Bancorp from a market perform rating to an outperform rating and set a $11.50 price target on the stock in a research report on Tuesday, September 5th. Morgan Stanley cut Valley National Bancorp from an equal weight rating to an underweight rating and upped their price objective for the stock from $8.00 to $8.50 in a research report on Wednesday, September 27th. Royal Bank of Canada dropped their price target on Valley National Bancorp from $11.00 to $10.00 in a research report on Tuesday, October 10th. Finally, StockNews.com initiated coverage on shares of Valley National Bancorp in a report on Thursday, October 5th. They issued a sell rating on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $10.56.
Valley National Bancorp Price Performance
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. Valley National Bancorp had a net margin of 18.93% and a return on equity of 9.82%. The company had revenue of $871.68 million for the quarter, compared to the consensus estimate of $471.14 million. During the same quarter in the prior year, the company earned $0.35 EPS. As a group, equities analysts anticipate that Valley National Bancorp will post 1.08 EPS for the current year.
Valley National Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 14th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 5.71%. The ex-dividend date was Wednesday, September 13th. Valley National Bancorp’s dividend payout ratio is 37.93%.
Institutional Investors Weigh In On Valley National Bancorp
Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its position in shares of Valley National Bancorp by 5.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 14,630 shares of the company’s stock worth $158,000 after buying an additional 818 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Valley National Bancorp by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 111,227 shares of the company’s stock valued at $1,201,000 after buying an additional 978 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Valley National Bancorp by 2.1% during the 1st quarter. Bank of Montreal Can now owns 47,828 shares of the company’s stock worth $630,000 after purchasing an additional 989 shares during the period. Metropolitan Life Insurance Co NY increased its position in Valley National Bancorp by 3.8% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 26,971 shares of the company’s stock worth $305,000 after buying an additional 996 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Valley National Bancorp by 0.7% in the fourth quarter. Cerity Partners LLC now owns 144,288 shares of the company’s stock worth $1,632,000 after purchasing an additional 1,063 shares in the last quarter. 60.98% of the stock is currently owned by institutional investors.
Valley National Bancorp Company Profile
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.
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