Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $17.00

by · The Markets Daily

Valley National Bancorp (NASDAQ:VLY – Free Report) had its price target lifted by Morgan Stanley from $16.00 to $17.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms also recently issued reports on VLY. Cantor Fitzgerald increased their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Hovde Group boosted their target price on Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Keefe, Bruyette & Woods upped their price target on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Barclays raised their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, August 26th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.17.

Check Out Our Latest Stock Analysis on VLY

Valley National Bancorp Trading Up 0.7%

VLY opened at $13.85 on Tuesday. The stock has a market capitalization of $7.65 billion, a P/E ratio of 11.74 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 12 month low of $9.64 and a 12 month high of $15.20. The firm’s fifty day simple moving average is $14.42 and its 200 day simple moving average is $13.64.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.Valley National Bancorp’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the company posted $0.23 EPS. As a group, research analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.2%. Valley National Bancorp’s payout ratio is currently 37.29%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VLY. Bank of America Corp DE increased its stake in shares of Valley National Bancorp by 8.0% during the first quarter. Bank of America Corp DE now owns 3,919,652 shares of the company’s stock worth $48,133,000 after purchasing an additional 290,534 shares during the period. World Investment Advisors boosted its stake in Valley National Bancorp by 141.7% in the 1st quarter. World Investment Advisors now owns 199,243 shares of the company’s stock valued at $2,447,000 after purchasing an additional 116,826 shares during the period. First Trust Advisors LP boosted its stake in Valley National Bancorp by 6.0% in the 1st quarter. First Trust Advisors LP now owns 1,411,434 shares of the company’s stock valued at $17,332,000 after purchasing an additional 80,308 shares during the period. BlackRock Inc. acquired a new position in Valley National Bancorp in the 2nd quarter valued at $1,079,026,000. Finally, Deutsche Bank AG acquired a new position in Valley National Bancorp in the 2nd quarter valued at $7,506,000. 61.00% of the stock is owned by institutional investors and hedge funds.

About Valley National Bancorp

(Get Free Report)

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and financial services to consumers, businesses, commercial real estate clients and municipalities.

Valley National Bank offers deposit accounts, consumer and business lending, commercial and industrial loans, commercial real estate financing, residential mortgages, home equity products, and treasury management services.

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