Valley National Bancorp (NASDAQ:VLY) shares traded 1.68% higher at $7.88 on Wall Street last session.
In accordance with the data, 11 analysts cover Valley National Bancorp (NASDAQ:VLY). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $12.00 and a low of $8.50, we find $10.50. Given the previous closing price of $7.75, this indicates a potential upside of 35.48 percent. VLY stock price is now -8.47% away from the 50-day moving average and -14.37% away from the 200-day moving average. The market capitalization of the company currently stands at $4.00B.
It has been rated a hold by 3 analysts and a buy by 7. Brokers who have rated the stock have averaged $10.30 as their price target over the next twelve months.
With the price target enhanced from $8 to $8.50, Morgan Stanley Downgraded its rating from Equal-Weight to Underweight for Valley National Bancorp (NASDAQ: VLY).
In other news, SANI SURESH L, Director bought 4,416 shares of the company’s stock on May 22. The stock was bought for $69,331 at an average price of $15.70. Upon completion of the transaction, the Director now directly owns 4,416 shares in the company, valued at $34798.08. An SEC document containing details of the transaction can be found on the SEC’s website. On May 12, Director MENDELSON AVNER bought 2,611 shares of the business’s stock. A total of $40,529 was incurred on buying the stock at an average price of $15.52. This leaves the insider owning 134,126 shares of the company worth $1.06 million. Insiders disposed of 311,740 shares of company stock worth roughly $2.46 million over the past 1 year. A total of 15.81% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in VLY stock. A new stake in Valley National Bancorp shares was purchased by ROCKEFELLER CAPITAL MANAGEMENT L.P. during the first quarter worth $15,662,000. GILLSON CAPITAL LP invested $11,887,000 in shares of VLY during the first quarter. In the first quarter, ASPEN GROVE CAPITAL, LLC acquired a new stake in Valley National Bancorp valued at approximately $10,299,000. MONEY CONCEPTS CAPITAL CORP acquired a new stake in VLY for approximately $9,675,000. FRANKLIN RESOURCES INC purchased a new stake in VLY valued at around $6,510,000 in the second quarter. In total, there are 439 active investors with 62.38% ownership of the company’s stock.
Valley National Bancorp (NASDAQ: VLY) opened at $7.84 on Thursday. During the past 12 months, Valley National Bancorp has had a low of $6.39 and a high of $13.07. The fifty day moving average price for VLY is $8.58 and a two-hundred day moving average price translates $9.19 for the stock.
The latest earnings results from Valley National Bancorp (NASDAQ: VLY) was released for Jun, 2023. According to the Banks – Regional Company, earnings per share came in at $0.28, missing analysts’ expectations of $0.29 by -0.01. This compares to $0.18 EPS in the same period last year. The net profit margin was 21.45% and return on equity was 10.04% for VLY. The company reported revenue of $787.46 million for the quarter, compared to $452.95 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 73.85 percent. For the current quarter, analysts expect VLY to generate $472.18M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/02/2023. Investors who held shares on 09/14/2023 were paid a $0.11 dividend. On an annualized basis, this represents a $0.44 dividend and a 5.58% percent yield. There was an ex-dividend date of 09/13/2023 for this dividend. In terms of dividend payout ratio, VLY is presently at 38.62%.
Valley National Bancorp(VLY) Company Profile
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans. It also invests in various securities and interest-bearing deposits with other banks; and provides international banking services, such as standby and documentary letters of credit, and related products, as well as foreign exchange transactions, documentary collections, and foreign wire transfers services. In addition, the company offers investment services for individuals and small to medium sized businesses; and trusts and custom -tailored investment strategies for various retirement plans. Further, it provides trust services, such as living and testamentary trusts, investment management, custodial and escrow services, and estate administration to individuals; tax credit advisory services; property and casualty, life, health, and title insurance agency services; and health care equipment lending and other commercial equipment leasing services, as well as owns real estate related investments. Additionally, the company offers online, mobile, and telephone banking services; and overdraft, drive-in and night deposit, automated teller machine, remote deposit capture, and safe deposit facility services. The company was founded in 1927 and is headquartered in New York, New York.
