Valley National Bancorp (NASDAQ:VLY) Given New $16.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley cut Valley National Bancorp’s price target from $17 to $16 while maintaining an “equal weight” rating, implying roughly 25.7% upside from the prior close.
• Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $16.46.
• Shares fell 2.7% to $12.72. The company slightly missed quarterly EPS expectations at $0.30, but revenue of $560.74 million exceeded estimates and rose 13.3% year over year.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its price objective cut by equities researchers at Morgan Stanley from $17.00 to $16.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target would suggest a potential upside of 25.74% from the stock's previous close.

Several other research firms also recently weighed in on VLY. Piper Sandler lifted their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an "overweight" rating in a report on Friday, June 26th. National Bank Financial set a $17.50 price target on Valley National Bancorp in a research report on Wednesday, July 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. Keefe, Bruyette & Woods increased their target price on Valley National Bancorp from $15.00 to $16.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. Finally, Barclays lifted their target price on Valley National Bancorp from $14.00 to $15.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Valley National Bancorp currently has an average rating of "Moderate Buy" and an average target price of $16.46.

Valley National Bancorp Trading Down 2.7%

VLY traded down $0.35 on Monday, hitting $12.72. The company had a trading volume of 2,242,919 shares, compared to its average volume of 7,063,886. The company's fifty day moving average price is $14.13 and its 200 day moving average price is $13.70. Valley National Bancorp has a 1 year low of $9.64 and a 1 year high of $15.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a market cap of $7.03 billion, a P/E ratio of 10.83 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million for the quarter, compared to analysts' expectations of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $0.23 EPS. As a group, equities analysts expect that Valley National Bancorp will post 1.27 earnings per share for the current year.

Institutional Investors Weigh In On Valley National Bancorp

A number of hedge funds have recently bought and sold shares of the stock. Cedar Mountain Advisors LLC acquired a new stake in Valley National Bancorp in the first quarter valued at approximately $26,000. Assetmark Inc. increased its position in shares of Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after purchasing an additional 1,189 shares during the last quarter. Compass Financial Management LLC acquired a new stake in shares of Valley National Bancorp in the 2nd quarter valued at $28,000. Root Financial Partners LLC grew its stake in shares of Valley National Bancorp by 127.3% during the first quarter. Root Financial Partners LLC now owns 3,976 shares of the company's stock worth $49,000 after purchasing an additional 2,227 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Valley National Bancorp during the fourth quarter worth $60,000. Institutional investors and hedge funds own 61.00% of the company's stock.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and financial services to consumers, businesses, commercial real estate clients and municipalities.

Valley National Bank offers deposit accounts, consumer and business lending, commercial and industrial loans, commercial real estate financing, residential mortgages, home equity products, and treasury management services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.