Keefe, Bruyette & Woods Issues Positive Forecast for Valley National Bancorp (NASDAQ:VLY) Stock Price

Key Points

• Keefe, Bruyette & Woods has raised the target price for Valley National Bancorp (NASDAQ:VLY) from $11.50 to $12.00, suggesting a potential upside of 9.24%.
• The stock has received multiple "buy" ratings from firms like Cowen and JPMorgan, with a consensus target price of $12.70, highlighting strong optimism among analysts.
• Valley National Bancorp reported $0.28 earnings per share for the last quarter, exceeding estimates, while its revenue grew by 8.5% year-over-year.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its target price hoisted by analysts at Keefe, Bruyette & Woods from $11.50 to $12.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 9.24% from the stock's current price.

A number of other research firms have also weighed in on VLY. Cowen assumed coverage on Valley National Bancorp in a report on Wednesday, September 24th. They issued a "buy" rating on the stock. TD Cowen assumed coverage on Valley National Bancorp in a research report on Thursday, September 25th. They set a "buy" rating and a $14.00 price target on the stock. JPMorgan Chase & Co. raised their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday. Truist Financial increased their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Finally, Barclays restated a "positive" rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.70.

Valley National Bancorp Stock Up 4.0%

VLY traded up $0.43 during midday trading on Friday, hitting $10.99. The company had a trading volume of 7,672,018 shares, compared to its average volume of 9,549,880. The stock's 50 day moving average price is $10.49 and its 200 day moving average price is $9.49. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.28. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 14.10 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The business had revenue of $511.11 million for the quarter, compared to the consensus estimate of $511.47 million. During the same period in the prior year, the business earned $0.18 EPS. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. On average, research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Valley National Bancorp

A number of institutional investors have recently modified their holdings of the stock. State of Michigan Retirement System raised its position in shares of Valley National Bancorp by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company's stock worth $1,011,000 after purchasing an additional 1,200 shares during the last quarter. Signaturefd LLC increased its stake in Valley National Bancorp by 23.2% during the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company's stock valued at $62,000 after purchasing an additional 1,297 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Valley National Bancorp by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company's stock valued at $1,183,000 after purchasing an additional 1,300 shares in the last quarter. Forum Financial Management LP raised its holdings in Valley National Bancorp by 7.8% in the first quarter. Forum Financial Management LP now owns 19,142 shares of the company's stock worth $170,000 after buying an additional 1,381 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Valley National Bancorp by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock worth $494,000 after buying an additional 1,465 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other 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.

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