Morgan Stanley Issues Positive Forecast for Valley National Bancorp (NASDAQ:VLY) Stock Price

Valley National Bancorp (NASDAQ:VLY) had its price objective boosted by Morgan Stanley from $11.00 to $13.00 in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They issued a “hold” rating and a $10.00 price objective on the stock. Truist Financial upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Friday, July 25th. Barclays reissued an “underweight” rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Finally, Wall Street Zen raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.15.

Valley National Bancorp Stock Down 0.3%

Shares of NASDAQ VLY opened at $10.72 on Tuesday. The business has a 50-day moving average price of $9.79 and a 200 day moving average price of $9.13. The stock has a market cap of $6.00 billion, a PE ratio of 13.74 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. The company had revenue of $495.01 million during the quarter, compared to analysts’ expectations of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp’s payout ratio is currently 56.41%.

Institutional Trading of Valley National Bancorp

Several hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its stake in shares of Valley National Bancorp by 101.5% in the first quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company’s stock valued at $89,308,000 after buying an additional 5,147,786 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in Valley National Bancorp in the first quarter valued at $32,286,000. Norges Bank purchased a new stake in shares of Valley National Bancorp during the 2nd quarter worth $31,276,000. Goldman Sachs Group Inc. boosted its position in shares of Valley National Bancorp by 43.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company’s stock worth $90,810,000 after purchasing an additional 3,091,169 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Valley National Bancorp during the 1st quarter worth $15,890,000. 61.00% of the stock is owned by institutional investors and hedge funds.

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.