Valley National Bancorp (NASDAQ:VLY) PT Raised to $10.00 at Morgan Stanley

Valley National Bancorp (NASDAQ:VLY) had its price target lifted by Morgan Stanley from $9.50 to $10.00 in a report published on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other brokerages also recently weighed in on VLY. Wedbush increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a neutral rating in a research report on Tuesday, September 24th. StockNews.com lowered shares of Valley National Bancorp from a hold rating to a sell rating in a research note on Wednesday, August 14th. Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an outperform rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lowered their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a neutral rating on the stock in a research note on Thursday, June 27th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a market perform rating in a research note on Friday, July 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Valley National Bancorp currently has an average rating of Hold and an average price target of $8.63.

Valley National Bancorp Price Performance

Shares of VLY opened at $8.75 on Monday. The business’s 50-day moving average is $8.42 and its two-hundred day moving average is $7.73. The company has a market capitalization of $4.46 billion, a P/E ratio of 10.29 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). The company had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period in the prior year, the business posted $0.28 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 business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio is presently 51.76%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EntryPoint Capital LLC purchased a new position in Valley National Bancorp in the 1st quarter valued at about $43,000. Innealta Capital LLC purchased a new position in Valley National Bancorp in the 2nd quarter valued at about $38,000. Wolverine Asset Management LLC lifted its stake in Valley National Bancorp by 147.7% in the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock worth $65,000 after purchasing an additional 5,560 shares in the last quarter. AE Wealth Management LLC purchased a new position in Valley National Bancorp in the 2nd quarter worth approximately $81,000. Finally, Paloma Partners Management Co purchased a new position in Valley National Bancorp in the 1st quarter worth approximately $98,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

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.