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

Key Points

• The Royal Bank of Canada raised its price target for Valley National Bancorp from $10.00 to $11.00, indicating a potential upside of 16.59% from the current share price.
• Valley National Bancorp's shares were recently rated with a mix of "buy," "hold," and "sell" ratings, resulting in an average rating of "Hold" with a consensus price target of $10.73.
• In the latest quarterly earnings report, the company reported an EPS of $0.23, exceeding estimates, and a 9.3% year-over-year revenue increase.
• Institutional investors own approximately 61.00% of Valley National Bancorp, with recent purchases from notable firms such as Norges Bank and Principal Financial Group.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its price target boosted by equities researchers at Royal Bank Of Canada from $10.00 to $11.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 16.59% from the company's previous close.

VLY has been the topic of several other research reports. Wall Street Zen downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. Jefferies Financial Group initiated coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price for the company. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research report on Friday. Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Finally, Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Valley National Bancorp currently has an average rating of "Hold" and a consensus price target of $10.73.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY traded down $0.10 during trading on Friday, reaching $9.44. 2,055,335 shares of the company traded hands, compared to its average volume of 9,242,234. The firm has a 50 day simple moving average of $9.06 and a 200-day simple moving average of $9.11. Valley National Bancorp has a 52-week low of $7.18 and a 52-week high of $11.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $5.28 billion, a PE ratio of 13.67 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. The company had revenue of $495.01 million during the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. Valley National Bancorp's quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.13 earnings per share. Equities research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of VLY. Norges Bank purchased a new stake in shares of Valley National Bancorp in the fourth quarter valued at $31,490,000. Principal Financial Group Inc. grew its stake in shares of Valley National Bancorp by 1.0% in the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock valued at $9,787,000 after buying an additional 10,996 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Valley National Bancorp by 22.4% in the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after buying an additional 1,709 shares in the last quarter. Hourglass Capital LLC boosted its holdings in Valley National Bancorp by 6.3% in the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after purchasing an additional 26,280 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its holdings in Valley National Bancorp by 33.3% in the first quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock valued at $152,000 after purchasing an additional 4,261 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

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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