Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $9.00 at Barclays

Valley National Bancorp (NASDAQ:VLY) had its price objective boosted by Barclays from $8.00 to $9.00 in a report published on Friday, Benzinga reports. The firm currently has an underweight rating on the stock.

Other equities research analysts have also issued reports about the company. Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday. JPMorgan Chase & Co. upped their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Royal Bank of Canada upped their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday. Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Finally, Morgan Stanley upped their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.63.

Valley National Bancorp Price Performance

NASDAQ VLY traded down $0.33 during trading hours on Friday, reaching $9.27. 5,704,669 shares of the company’s stock were exchanged, compared to its average volume of 5,852,893. The stock has a market cap of $4.72 billion, a PE ratio of 10.91 and a beta of 1.08. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The firm has a fifty day moving average of $8.77 and a 200-day moving average of $7.89. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period in the prior year, the company earned $0.26 EPS. On average, equities research analysts predict that Valley National Bancorp will post 0.7 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 51.76%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in VLY. BNP Paribas Financial Markets increased its position in shares of Valley National Bancorp by 378.4% in the 1st quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after buying an additional 484,332 shares in the last quarter. SG Americas Securities LLC bought a new position in Valley National Bancorp during the 1st quarter worth about $1,021,000. State Board of Administration of Florida Retirement System increased its holdings in Valley National Bancorp by 74.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after purchasing an additional 106,290 shares in the last quarter. State of Michigan Retirement System increased its holdings in Valley National Bancorp by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Cornerstone Wealth Group LLC bought a new position in Valley National Bancorp during the 1st quarter worth about $504,000. 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.