Valley National Bancorp (NASDAQ:VLY) Research Coverage Started at Hovde Group

Hovde Group started coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a research note published on Wednesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $12.50 price target on the stock.

Several other analysts have also recently weighed in on VLY. National Bankshares set a $12.00 price objective on shares of Valley National Bancorp in a research note on Tuesday. Morgan Stanley increased their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Friday, July 25th. Cantor Fitzgerald started coverage on shares of Valley National Bancorp in a report on Wednesday. They issued an “overweight” rating and a $12.00 price target for the company. Finally, Wall Street Zen upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.54.

Valley National Bancorp Stock Up 0.1%

Shares of VLY opened at $10.79 on Wednesday. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.10. The firm has a market cap of $6.04 billion, a P/E ratio of 13.83 and a beta of 1.13. The firm’s 50-day simple moving average is $9.86 and its 200 day simple moving average is $9.16. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter in the prior year, the business posted $0.13 EPS. The business’s revenue was up 9.3% compared to the same quarter last year. On average, analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

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

Institutional Investors Weigh In On Valley National Bancorp

A number of institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its position in Valley National Bancorp by 7.3% during the 2nd quarter. Osaic Holdings Inc. now owns 30,430 shares of the company’s stock valued at $272,000 after buying an additional 2,065 shares during the period. Squarepoint Ops LLC raised its holdings in Valley National Bancorp by 575.8% in the 2nd quarter. Squarepoint Ops LLC now owns 980,997 shares of the company’s stock worth $8,760,000 after purchasing an additional 835,835 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of Valley National Bancorp in the 2nd quarter worth about $792,000. FORA Capital LLC bought a new position in shares of Valley National Bancorp in the 2nd quarter worth about $516,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Valley National Bancorp by 5.8% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 365,605 shares of the company’s stock worth $3,262,000 after acquiring an additional 20,117 shares in the last quarter. Hedge funds and other 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.