Valley National Bancorp (NASDAQ:VLY) Given New $12.00 Price Target at Royal Bank of Canada

Valley National Bancorp (NASDAQ:VLY) had its target price boosted by Royal Bank of Canada from $11.00 to $12.00 in a report published on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also recently issued research reports about the company. Wedbush reissued a “neutral” rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Piper Sandler raised their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Citigroup cut their price objective on shares of Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, December 31st. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. upped their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and a consensus target price of $10.56.

Valley National Bancorp Price Performance

VLY opened at $10.17 on Friday. The firm has a market capitalization of $5.18 billion, a PE ratio of 16.40 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. The business’s 50-day moving average is $9.75 and its two-hundred day moving average is $9.05. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the previous year, the company posted $0.22 earnings per share. Research analysts anticipate that Valley National Bancorp will post 0.64 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 Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.33%. The ex-dividend date was Friday, December 13th. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new stake in Valley National Bancorp in the 3rd quarter valued at $25,000. R Squared Ltd purchased a new position in Valley National Bancorp during the fourth quarter worth approximately $25,000. Blue Trust Inc. increased its stake in shares of Valley National Bancorp by 48.2% in the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after acquiring an additional 1,564 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of Valley National Bancorp by 416.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after acquiring an additional 5,001 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after purchasing an additional 2,151 shares during the period. Institutional investors and hedge funds 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.