The stock of Valley National Bancorp (NASDAQ:VLY) last traded at $8.69, up 1.64% from the previous session.
Data from the available sources indicates that Valley National Bancorp (NASDAQ:VLY) is covered by 11 analysts. 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 $8.00, we find $11.25. Given the previous closing price of $8.55, this indicates a potential upside of 31.58 percent. VLY stock price is now -2.06% away from the 50-day moving average and -12.60% away from the 200-day moving average. The market capitalization of the company currently stands at $4.41B.
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In total, 5 analysts have assigned it a hold rating, and 6 have given it a buy rating. Brokers who have rated the stock have averaged $11.00 as their price target over the next twelve months.
With the price target maintained at $11, Hovde Group recently Downgraded its rating from Outperform to Market Perform 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 $38375.04. 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 $1.17 million. Insiders disposed of 311,740 shares of company stock worth roughly $2.71 million over the past 1 year. A total of 1.42% 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 $17,271,000. GILLSON CAPITAL LP invested $13,108,000 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 $11,358,000. MONEY CONCEPTS CAPITAL CORP acquired a new stake in VLY for approximately $10,669,000. FRANKLIN RESOURCES INC purchased a new stake in VLY valued at around $7,180,000 in the second quarter. In total, there are 439 active investors with 70.60% ownership of the company’s stock.
With an opening price of $8.58 on Wednesday morning, Valley National Bancorp (NASDAQ: VLY) set off the trading day. 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 $8.88 and a two-hundred day moving average price translates $9.93 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 23.30% and return on equity was 10.10% 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 $473.93M 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 5.06% 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 35.60%.
