Valley National Bancorp (NASDAQ:VLY) Sets New 52-Week High – Here’s What Happened

Valley National Bancorp (NASDAQ:VLY) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $12.22 and last traded at $12.2150, with a volume of 1007239 shares trading hands. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

A number of research firms have weighed in on VLY. Janney Montgomery Scott upgraded Valley National Bancorp to a “strong-buy” rating in a report on Wednesday, October 22nd. TD Cowen upped their price objective on Valley National Bancorp from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, October 27th. Citigroup raised shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $10.00 to $13.50 in a research report on Monday, September 15th. Truist Financial boosted their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.43.

Valley National Bancorp Stock Performance

The stock has a market cap of $6.81 billion, a P/E ratio of 13.88 and a beta of 1.09. The stock has a fifty day simple moving average of $11.41 and a 200-day simple moving average of $10.53. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $511.08 million for the quarter, compared to the consensus estimate of $511.47 million. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. Valley National Bancorp’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the company posted $0.18 EPS. Equities analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, December 15th. Valley National Bancorp’s dividend payout ratio is 50.00%.

Institutional Trading of Valley National Bancorp

A number of large investors have recently bought and sold shares of VLY. Atlantic Union Bankshares Corp acquired a new stake in Valley National Bancorp during the 2nd quarter worth approximately $39,000. Hantz Financial Services Inc. raised its holdings in shares of Valley National Bancorp by 11,831.1% during the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock worth $48,000 after acquiring an additional 5,324 shares during the period. Smartleaf Asset Management LLC lifted its position in Valley National Bancorp by 77.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock valued at $48,000 after acquiring an additional 1,996 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Valley National Bancorp by 244.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company’s stock worth $53,000 after purchasing an additional 4,177 shares during the period. Finally, Danske Bank A S bought a new position in Valley National Bancorp during the 3rd quarter worth about $55,000. 61.00% of the stock is owned by institutional investors.

About Valley National Bancorp

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.