Brokerages Set Valley National Bancorp (VLY) Target Price at $12.60

Valley National Bancorp (NYSE:VLY) has been assigned an average rating of “Hold” from the ten analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $12.60.

VLY has been the topic of several recent research reports. Wedbush restated a “neutral” rating and set a $12.00 target price on shares of Valley National Bancorp in a report on Tuesday, June 27th. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Wednesday, September 27th. Piper Jaffray Companies restated a “neutral” rating and set a $13.00 target price (up from $12.00) on shares of Valley National Bancorp in a report on Wednesday, August 9th. Hovde Group upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 target price on the stock in a report on Monday, July 31st. Finally, Keefe, Bruyette & Woods upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a report on Thursday, July 27th.

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Shares of Valley National Bancorp (NYSE VLY) traded down 0.34% during midday trading on Wednesday, hitting $11.86. The stock had a trading volume of 1,181,538 shares. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 16.94 and a beta of 0.91. Valley National Bancorp has a 1-year low of $9.49 and a 1-year high of $12.82. The firm has a 50-day moving average price of $11.44 and a 200-day moving average price of $11.64.

Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The company had revenue of $195.79 million for the quarter, compared to analyst estimates of $190.83 million. During the same period last year, the company earned $0.15 earnings per share. On average, equities analysts anticipate that Valley National Bancorp will post $0.71 EPS for the current fiscal year.

The firm also recently declared a dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a $0.11 dividend. The ex-dividend date was Thursday, September 14th. Valley National Bancorp’s dividend payout ratio is currently 62.86%.

In other news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $11.91, for a total value of $470,385.45. Following the sale, the director now directly owns 258,719 shares of the company’s stock, valued at $3,081,343.29. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.07% of the company’s stock.

Several large investors have recently modified their holdings of VLY. UBS Asset Management Americas Inc. grew its position in shares of Valley National Bancorp by 19.2% in the first quarter. UBS Asset Management Americas Inc. now owns 178,212 shares of the financial services provider’s stock valued at $2,103,000 after purchasing an additional 28,685 shares during the last quarter. Karp Capital Management Corp acquired a new stake in shares of Valley National Bancorp in the first quarter valued at about $451,000. Ameriprise Financial Inc. grew its position in shares of Valley National Bancorp by 3.7% in the first quarter. Ameriprise Financial Inc. now owns 1,044,895 shares of the financial services provider’s stock valued at $12,331,000 after purchasing an additional 36,817 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Valley National Bancorp by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 129,300 shares of the financial services provider’s stock valued at $1,526,000 after purchasing an additional 1,997 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Valley National Bancorp by 109.0% in the first quarter. Prudential Financial Inc. now owns 330,094 shares of the financial services provider’s stock valued at $3,895,000 after purchasing an additional 172,120 shares during the last quarter. 61.89% of the stock is currently owned by institutional investors.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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