Valley National Bancorp (NASDAQ:VLY) Sets New 52-Week High at $14.88

Valley National Bancorp (NASDAQ:VLY) shares reached a new 52-week high during trading on Thursday . The company traded as high as $14.88 and last traded at $14.88, with a volume of 8266 shares traded. The stock had previously closed at $14.68.

A number of research firms have recently commented on VLY. Stephens boosted their price objective on Valley National Bancorp from $15.00 to $15.50 and gave the stock an “overweight” rating in a research note on Monday, October 4th. Citigroup raised Valley National Bancorp from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $12.00 to $14.00 in a research note on Friday, September 24th. Zacks Investment Research raised Valley National Bancorp from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Saturday, January 8th. Finally, Hovde Group raised Valley National Bancorp from a “market perform” rating to an “outperform” rating in a research note on Friday, September 17th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Buy” and an average price target of $15.19.

The business has a 50-day moving average price of $14.10 and a 200-day moving average price of $13.48. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 13.53 and a beta of 1.18. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.32.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Wednesday, October 27th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $343.46 million for the quarter, compared to analyst estimates of $339.41 million. Valley National Bancorp had a return on equity of 10.63% and a net margin of 31.10%. During the same period in the previous year, the firm earned $0.25 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 1.18 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Stockholders of record on Wednesday, December 15th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Tuesday, December 14th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 39.64%.

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Valley National Bancorp by 3.2% during the second quarter. Vanguard Group Inc. now owns 39,687,307 shares of the company’s stock valued at $533,001,000 after buying an additional 1,215,120 shares in the last quarter. State Street Corp grew its holdings in shares of Valley National Bancorp by 13.2% during the second quarter. State Street Corp now owns 20,784,380 shares of the company’s stock valued at $281,233,000 after buying an additional 2,428,734 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Valley National Bancorp by 4.8% during the third quarter. American Century Companies Inc. now owns 10,916,093 shares of the company’s stock valued at $145,293,000 after buying an additional 499,518 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Valley National Bancorp by 5.2% during the second quarter. Geode Capital Management LLC now owns 7,664,632 shares of the company’s stock valued at $102,938,000 after buying an additional 376,787 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Valley National Bancorp by 0.8% during the second quarter. Northern Trust Corp now owns 6,705,029 shares of the company’s stock valued at $90,048,000 after buying an additional 52,933 shares in the last quarter. 63.19% of the stock is currently owned by institutional investors.

About Valley National Bancorp (NASDAQ:VLY)

Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending; Commercial Lending; Investment Management; and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.

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