Valley National Bancorp (NASDAQ:VLY) Raised to Overweight at Piper Sandler

Piper Sandler upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a neutral rating to an overweight rating in a report published on Monday morning, Marketbeat reports. Piper Sandler currently has $11.00 target price on the stock.

Several other research firms have also recently commented on VLY. Royal Bank of Canada raised their price target on Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Barclays increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Citigroup boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Stephens reiterated an “overweight” rating and issued a $12.50 price target on shares of Valley National Bancorp in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.78.

Valley National Bancorp Stock Performance

Shares of VLY opened at $9.03 on Monday. The stock has a market capitalization of $5.06 billion, a P/E ratio of 13.09 and a beta of 1.11. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The company’s fifty day moving average is $9.59 and its two-hundred day moving average is $9.50.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results 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 5.14% and a net margin of 10.62%. During the same quarter last year, the business earned $0.22 EPS. On average, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a yield of 4.87%. Valley National Bancorp’s payout ratio is 63.77%.

Insider Buying and Selling at Valley National Bancorp

In other news, EVP Joseph Chillura sold 50,000 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now directly owns 495,249 shares of the company’s stock, valued at $5,056,492.29. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.88% of the stock is currently owned by insiders.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Valley National Bancorp by 9.2% in the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company’s stock valued at $453,020,000 after purchasing an additional 4,204,651 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Valley National Bancorp by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company’s stock valued at $259,692,000 after buying an additional 2,810,005 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Valley National Bancorp by 90.2% during the fourth quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company’s stock valued at $154,558,000 after buying an additional 8,088,466 shares during the period. Geode Capital Management LLC boosted its position in Valley National Bancorp by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 11,821,134 shares of the company’s stock worth $107,122,000 after acquiring an additional 656,200 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Valley National Bancorp in the 4th quarter worth approximately $74,558,000. Hedge funds and other institutional investors 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.