Valley National Bancorp (NYSE:VLY) Receives $9.55 Consensus Target Price from Brokerages

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Shares of Valley National Bancorp (NYSE:VLY) have been given a consensus rating of “Hold” by the six research firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $9.55.

Several brokerages have recently commented on VLY. Citigroup downgraded shares of Valley National Bancorp from a “neutral” rating to a “sell” rating and set a $7.00 price objective for the company. in a research report on Wednesday, June 17th. Morgan Stanley reduced their price objective on shares of Valley National Bancorp from $10.50 to $9.75 and set an “equal weight” rating for the company in a research report on Tuesday, August 4th. Piper Sandler reduced their price objective on shares of Valley National Bancorp from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday, September 28th. Zacks Investment Research downgraded shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 16th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Monday, July 20th.

A number of large investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC increased its position in shares of Valley National Bancorp by 8.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 23,095 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 1,784 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Valley National Bancorp by 19.9% during the 2nd quarter. Captrust Financial Advisors now owns 16,902 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 2,810 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Valley National Bancorp by 3.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 97,800 shares of the financial services provider’s stock valued at $765,000 after purchasing an additional 3,000 shares during the last quarter. Profund Advisors LLC increased its position in shares of Valley National Bancorp by 12.7% during the 2nd quarter. Profund Advisors LLC now owns 27,204 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 3,064 shares during the last quarter. Finally, Cim Investment Mangement Inc. increased its position in shares of Valley National Bancorp by 20.4% during the 2nd quarter. Cim Investment Mangement Inc. now owns 18,160 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 3,079 shares during the last quarter. Institutional investors and hedge funds own 55.94% of the company’s stock.

Shares of Valley National Bancorp stock traded up $0.19 on Monday, hitting $7.09. The stock had a trading volume of 1,575,621 shares, compared to its average volume of 2,349,574. The stock has a 50 day moving average of $7.42 and a 200 day moving average of $7.49. Valley National Bancorp has a twelve month low of $6.00 and a twelve month high of $12.14.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $327.39 million for the quarter, compared to analyst estimates of $306.74 million. During the same period in the prior year, the company posted $0.23 EPS.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.21%. The ex-dividend date was Monday, September 14th.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.

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Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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