Valley National Bancorp (NASDAQ:VLY) Receives $8.44 Average Target Price from Analysts

Valley National Bancorp (NASDAQ:VLY) has been given a consensus recommendation of “Hold” by the nine research firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $8.61.

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday. Wedbush reaffirmed a “neutral” rating and set a $8.00 price target on shares of Valley National Bancorp in a report on Wednesday, May 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 17th. Finally, Barclays dropped their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th.

Insider Activity

In related news, EVP Joseph Chillura sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $7.43, for a total value of $185,750.00. Following the sale, the executive vice president now directly owns 10,000 shares of the company’s stock, valued at $74,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Andrew B. Abramson sold 16,451 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total value of $127,001.72. Following the completion of the sale, the director now owns 224,679 shares in the company, valued at $1,734,521.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Joseph Chillura sold 25,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $7.43, for a total value of $185,750.00. Following the sale, the executive vice president now owns 10,000 shares in the company, valued at $74,300. The disclosure for this sale can be found here. Insiders sold a total of 51,451 shares of company stock valued at $378,452 over the last 90 days. Insiders own 1.88% of the company’s stock.

Institutional Trading of Valley National Bancorp

Large investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in Valley National Bancorp in the 2nd quarter worth $38,000. Cornerstone Wealth Group LLC increased its position in shares of Valley National Bancorp by 6.4% during the second quarter. Cornerstone Wealth Group LLC now owns 67,347 shares of the company’s stock worth $470,000 after acquiring an additional 4,040 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in shares of Valley National Bancorp in the second quarter worth about $94,000. Nisa Investment Advisors LLC boosted its holdings in Valley National Bancorp by 34.2% in the second quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock valued at $1,107,000 after purchasing an additional 39,750 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its stake in Valley National Bancorp by 113.1% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 28,265 shares of the company’s stock valued at $197,000 after purchasing an additional 15,004 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $8.03 on Thursday. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $4.09 billion, a P/E ratio of 9.45 and a beta of 1.08. The company’s fifty day moving average price is $7.15 and its 200 day moving average price is $7.87.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The business had revenue of $884.68 million for the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter last year, the business posted $0.28 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 0.77 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, July 2nd. Shareholders of record on Thursday, June 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.48%. The ex-dividend date of this dividend was Thursday, June 13th. Valley National Bancorp’s payout ratio is 51.76%.

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.