Valley National Bancorp (NASDAQ:VLY) Stock Price Up 5.8% – Here’s Why

by · The Markets Daily

Valley National Bancorp (NASDAQ:VLY – Get Free Report)’s share price rose 5.8% during trading on Thursday . The company traded as high as $9.69 and last traded at $9.65. Approximately 2,712,933 shares were traded during trading, a decline of 53% from the average daily volume of 5,814,269 shares. The stock had previously closed at $9.12.

Analyst Upgrades and Downgrades

VLY has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Wedbush restated a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday. Barclays raised their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.63.

View Our Latest Research Report on VLY

Valley National Bancorp Trading Down 3.4 %

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 business’s 50-day moving average price is $8.77 and its two-hundred day moving average price is $7.89. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 10.91 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The business had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period last year, the firm posted $0.26 earnings per share. Research analysts predict that Valley National Bancorp will post 0.7 earnings per share for the current year.

Valley National Bancorp Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in shares of Valley National Bancorp by 378.4% during the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after purchasing an additional 484,332 shares during the period. SG Americas Securities LLC acquired a new position in shares of Valley National Bancorp during the first quarter valued at about $1,021,000. State Board of Administration of Florida Retirement System raised its holdings in shares of Valley National Bancorp by 74.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock valued at $1,977,000 after purchasing an additional 106,290 shares during the period. State of Michigan Retirement System raised its holdings in shares of Valley National Bancorp by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Cornerstone Wealth Group LLC acquired a new stake in shares of Valley National Bancorp in the 1st quarter worth about $504,000. 61.00% of the stock is owned by institutional investors.

About Valley National Bancorp

(Get Free Report)

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.

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