Valley National Bancorp (NASDAQ:VLY) PT Raised to $11.00

Valley National Bancorp (NASDAQ:VLY) had its price objective upped by research analysts at Royal Bank of Canada from $10.00 to $11.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 18.66% from the company’s previous close.

A number of other analysts have also recently weighed in on VLY. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Keefe, Bruyette & Woods lifted their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Morgan Stanley upped their price target on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Wedbush reaffirmed a “neutral” rating and set a $10.00 target price on shares of Valley National Bancorp in a research report on Friday. Finally, Piper Sandler raised their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Hold” and an average price target of $9.63.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock opened at $9.27 on Friday. The business has a fifty day simple moving average of $8.77 and a 200-day simple moving average of $7.89. The stock has a market cap of $4.72 billion, a PE ratio of 10.91 and a beta of 1.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The firm had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter last year, the firm earned $0.26 earnings per share. On average, sell-side analysts anticipate that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Valley National Bancorp

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock valued at $44,000 after buying an additional 1,564 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Valley National Bancorp in the first quarter valued at about $43,000. Innealta Capital LLC bought a new position in Valley National Bancorp in the second quarter valued at about $38,000. Hexagon Capital Partners LLC raised its stake in Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after acquiring an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after acquiring an additional 2,151 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.