Valley National Bancorp (NASDAQ:VLY) Reaches New 12-Month High – What’s Next?

Valley National Bancorp (NASDAQ:VLY) reached a new 52-week high during trading on Monday . The company traded as high as $12.05 and last traded at $12.0490, with a volume of 339073 shares trading hands. The stock had previously closed at $11.92.

Wall Street Analysts Forecast Growth

VLY has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Zacks Research downgraded Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 9th. Truist Financial upped their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, September 12th. Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a report on Monday, October 27th. Finally, TD Cowen raised their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.37.

Valley National Bancorp Stock Performance

The firm’s 50 day simple moving average is $10.94 and its 200-day simple moving average is $10.14. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 13.63 and a beta of 1.10. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $511.08 million for the quarter, compared to the consensus estimate of $511.47 million. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.Valley National Bancorp’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. Analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is 50.00%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in VLY. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Valley National Bancorp during the 1st quarter valued at $35,000. Atlantic Union Bankshares Corp acquired a new stake in Valley National Bancorp during the second quarter valued at $39,000. Smartleaf Asset Management LLC boosted its position in Valley National Bancorp by 77.4% during the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock valued at $48,000 after purchasing an additional 1,996 shares during the last quarter. Danske Bank A S purchased a new position in Valley National Bancorp in the third quarter valued at about $55,000. Finally, Hantz Financial Services Inc. increased its position in Valley National Bancorp by 11,831.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock worth $48,000 after purchasing an additional 5,324 shares during the last quarter. 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.