The Vanguard Group, Inc. recently announced the acquisition of new stake in Valley National Bancorp (NASDAQ:VLY). The institutional investor has increased its shareholding in the Financial company by 2.11% to 37.67 million shares with purchase of 0.78 million shares. This fresh investment now brings its stake to 9.33% valued currently at $294.55 million. In addition, Macquarie Investment Management B. raised its holdings by 0.13 million to 13.15 million shares. And American Century Investment Manag. has lifted its position by 7.21% or 0.42 million shares – to 6.22 million shares.
With over 1.03 million Valley National Bancorp (VLY) shares trading Monday and a closing price of $7.43 on the day, the dollar volume was approximately $7.65 million. The shares have shown a negative weekly performance of -2.62% and its price on 08/03/20 lost nearly -0.54%. Currently, there are 403.52M common shares owned by the public and among those 394.27M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for VLY have a consensus price objective of $9.60. The analysts have set the share’s price value over the next 12 months at a high of $11.00 and a low of $7.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Valley National Bancorp stock is 2.40 for the next 12 months. The average price target is 22.6% above its last price level and an upside to the estimated low will see the stock lose -6.14% over that period. But an upside of 32.45% will see the stock hit the forecast high price target while mean target price for the stock is $10.00.
Insiders at the company have transacted a total of 74 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 1,695,539 shares. Insider sales of the common stock occurred on 40 occasions, with total insider shares sold totaling 585,266 shares.
The top 3 mutual fund holders in Valley National Bancorp are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 10.93 million shares of the company’s stock, all valued at over $85.47 million. The company sold 98241.0 shares recently to bring their total holdings to about 2.71% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.31 million shares to bring its total holdings to over 9.6 million shares at a value of $75.05 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.38% of the shares outstanding.
Shares of Valley National Bancorp (NASDAQ: VLY) opened at $7.49, up $0.02 from a prior closing price of $7.47. However, the script later closed the day at $7.43, down -0.54%. The company’s stock has a 5-day price change of -2.62% and -4.87% over the past three months. VLY shares are trading -35.11% year to date (YTD), with the 12-month market performance down to -30.10% lower. It has a 12-month low price of $6.00 and touched a high of $12.14 over the same period. Currently, 1.03 million shares have been traded, compared to an average intraday trading volume of 2.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.91%, -4.51%, and -20.50% respectively.
Institutional ownership of Valley National Bancorp (NASDAQ: VLY) shares accounts for 60.20% of the company’s 403.52M shares outstanding. Mutual fund holders own 40.15%, while other institutional holders and individual stakeholders account for 5.34% and 19.40% respectively.
It has a market capitalization of $3.02B and a beta (3y monthly) value of 1.27. The stock’s trailing 12-month PE ratio is 9.65, while the earnings-per-share (ttm) stands at $0.77. The company has a PEG of 1.93 and the debt-to-equity ratio at 0.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.27% over the week and 4.12% over the month.
Analysts forecast that Valley National Bancorp (VLY) will achieve an EPS of $0.24 for the current quarter, $0.25 for the next quarter and $0.89 for 2021. The lowest estimate earnings-per-share for the quarter is $0.22 while analysts give the company a high EPS estimate of $0.28. Comparatively, EPS for the current quarter was $0.24 a year ago. Earnings per share for the fiscal year are expected to increase by 17.90%, and -3.01% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 9.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Valley National Bancorp (VLY) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 3 of the 10 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the VLY, a number of firms have released research notes about the stock. Citigroup stated their Sell rating for the stock in a research note on June 17, 2020, with the firm’s price target at $7. Stephens coverage for the Valley National Bancorp (VLY) stock in a research note released on February 04, 2020 offered a Overweight rating with a price target of. Stephens was of a view on October 29, 2019 that the stock is Equal-Weight, while RBC Capital Mkts gave the stock Outperform rating on October 11, 2019, issuing a price target of $13. Citigroup on their part issued Neutral rating on June 18, 2018.