Wedbush Boosts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price target raised by investment analysts at Wedbush from $9.00 to $10.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price objective would suggest a potential upside of 12.23% from the company’s previous close.

Several other equities analysts have also recently weighed in on the stock. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Barclays lowered their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. decreased their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Finally, Morgan Stanley raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $8.00 to $9.50 in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Hold” and an average price target of $8.56.

Valley National Bancorp Stock Down 1.4 %

Shares of VLY stock traded down $0.13 on Tuesday, reaching $8.91. 1,717,937 shares of the company were exchanged, compared to its average volume of 5,968,475. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 10.48 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The company has a 50-day moving average of $8.29 and a 200-day moving average of $7.68.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The firm had revenue of $884.68 million during the quarter, compared to the consensus estimate of $458.67 million. During the same period in the previous year, the business earned $0.28 earnings per share. Analysts anticipate that Valley National Bancorp will post 0.7 earnings per share for the current year.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently made changes to their positions in VLY. Norges Bank bought a new stake in shares of Valley National Bancorp in the 4th quarter worth approximately $49,734,000. United Services Automobile Association raised its position in shares of Valley National Bancorp by 15.7% during the 4th quarter. United Services Automobile Association now owns 36,636 shares of the company’s stock valued at $398,000 after buying an additional 4,966 shares in the last quarter. TFO Wealth Partners LLC increased its position in shares of Valley National Bancorp by 54,375.0% during the fourth quarter. TFO Wealth Partners LLC now owns 26,148 shares of the company’s stock worth $284,000 after acquiring an additional 26,100 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of Valley National Bancorp during the fourth quarter worth approximately $754,000. Finally, Rafferty Asset Management LLC increased its position in shares of Valley National Bancorp by 50.2% during the fourth quarter. Rafferty Asset Management LLC now owns 811,248 shares of the company’s stock worth $8,810,000 after acquiring an additional 271,264 shares during the period. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.