Royal Bank Of Canada Increases Valley National Bancorp (NASDAQ:VLY) Price Target 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 objective boosted by Royal Bank Of Canada from $10.00 to $11.00 in a report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 16.22% from the stock's previous close.

A number of other research firms also recently weighed in on VLY. Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research report on Friday. Morgan Stanley upgraded Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Wall Street Zen cut 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 report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target for the company. Finally, Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.95.

Valley National Bancorp Stock Performance

Shares of VLY traded down $0.06 during mid-day trading on Friday, reaching $9.47. The company's stock had a trading volume of 2,856,437 shares, compared to its average volume of 9,203,195. The stock has a market cap of $5.30 billion, a P/E ratio of 12.12 and a beta of 1.06. The business has a 50-day simple moving average of $9.08 and a two-hundred day simple moving average of $9.12. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 1-year low of $7.18 and a 1-year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. The business had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. The firm's quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.13 EPS. As a group, equities 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 made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Valley National Bancorp during the 1st quarter valued at about $35,000. Farther Finance Advisors LLC boosted its position in shares of Valley National Bancorp by 206.6% during the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after purchasing an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Valley National Bancorp during the 4th quarter valued at about $39,000. Brown Lisle Cummings Inc. bought a new stake in shares of Valley National Bancorp during the 1st quarter valued at about $39,000. Finally, Optiver Holding B.V. boosted its position in shares of Valley National Bancorp by 80.9% during the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock valued at $46,000 after purchasing an additional 2,271 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Valley National Bancorp Company Profile

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.