Valley National Bancorp (NASDAQ:VLY) Earns Outperform Rating from Royal Bank Of Canada

Valley National Bancorp (NASDAQ:VLY - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Royal Bank Of Canada in a report issued on Tuesday, Benzinga reports. They currently have a $17.00 target price on the stock. Royal Bank Of Canada's price target points to a potential upside of 33.28% from the stock's previous close.

VLY has been the topic of several other reports. Truist Financial boosted their price target on Valley National Bancorp from $15.50 to $16.50 and gave the stock a "buy" rating in a research report on Friday, July 10th. UBS Group set a $17.00 price objective on shares of Valley National Bancorp in a research note on Tuesday, July 7th. JPMorgan Chase & Co. reduced their target price on shares of Valley National Bancorp from $17.50 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Valley National Bancorp in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp has an average rating of "Moderate Buy" and an average target price of $16.46.

Valley National Bancorp Trading Down 0.2%

Shares of Valley National Bancorp stock traded down $0.03 during trading hours on Tuesday, hitting $12.76. The company's stock had a trading volume of 658,760 shares, compared to its average volume of 7,089,501. The business has a fifty day moving average of $14.09 and a 200 day moving average of $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 quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $7.05 billion, a PE ratio of 10.80 and a beta of 1.03.

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

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings in Valley National Bancorp by 8.0% in the first quarter. Bank of America Corp DE now owns 3,919,652 shares of the company's stock worth $48,133,000 after purchasing an additional 290,534 shares during the period. Legal & General Group Plc bought a new stake in shares of Valley National Bancorp during the 2nd quarter worth about $9,391,000. Bank of New York Mellon Corp acquired a new stake in shares of Valley National Bancorp in the 2nd quarter worth approximately $68,276,000. World Investment Advisors lifted its stake in shares of Valley National Bancorp by 141.7% in the 1st quarter. World Investment Advisors now owns 199,243 shares of the company's stock worth $2,447,000 after acquiring an additional 116,826 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Valley National Bancorp by 6.0% in the first quarter. First Trust Advisors LP now owns 1,411,434 shares of the company's stock valued at $17,332,000 after acquiring an additional 80,308 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Key Headlines Impacting Valley National Bancorp

Here are the key news stories impacting Valley National Bancorp this week:

• Positive Sentiment: The Bluevine acquisition would give Valley National greater exposure to digitally focused small-business banking, potentially expanding deposits, customer relationships and fee-generating opportunities. Management discussed the strategic rationale and transaction details during an M&A call. Transcript: Valley National Bancorp, Bluevine Inc. M&A Call
• Positive Sentiment: Valley said the deal should meaningfully enhance its core funding capabilities, a potentially favorable development for lending growth and the bank’s funding mix. Valley National Bancorp to Acquire Bluevine
• Neutral Sentiment: Morgan Stanley lowered its price target for VLY to $16 from $17 and maintained an “equal weight” rating. The revised target still implies substantial upside from the reference price, but the rating signals limited conviction in near-term outperformance. Morgan Stanley analyst action
• Negative Sentiment: The roughly $340 million purchase has prompted a negative initial market reaction, likely reflecting concerns about acquisition execution, integration costs, valuation and the potential effect on capital or near-term earnings. Valley National to Buy Bluevine, Shares Skid

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.