Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $12.00

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by stock analysts at Royal Bank of Canada from $11.00 to $12.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 18.05% from the stock’s previous close.

Other research analysts have also issued reports about the company. Stephens reaffirmed an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Barclays raised their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Piper Sandler boosted their target price 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, October 25th. Morgan Stanley raised their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Citigroup decreased their price objective on shares of Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, December 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.56.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY traded up $0.39 during trading on Friday, hitting $10.17. The company had a trading volume of 5,029,876 shares, compared to its average volume of 8,337,984. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10. The business’s 50-day moving average is $9.75 and its 200 day moving average is $9.02. The company has a market cap of $5.18 billion, a P/E ratio of 16.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter last year, the firm earned $0.22 earnings per share. Equities research analysts predict that Valley National Bancorp will post 0.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. acquired a new position in Valley National Bancorp in the third quarter worth about $25,000. R Squared Ltd acquired a new position in shares of Valley National Bancorp in the 4th quarter worth approximately $25,000. Blue Trust Inc. lifted its position in shares of Valley National Bancorp by 48.2% during the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after buying an additional 1,564 shares during the period. Hexagon Capital Partners LLC boosted its stake in Valley National Bancorp by 416.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after buying an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares during the period. 61.00% of the stock is owned by institutional investors.

About Valley National Bancorp

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.