Valley National Bancorp (NASDAQ:VLY) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial has raised its price target for Valley National Bancorp from $11.00 to $13.00, suggesting a potential upside of 20.59% from the current price, while maintaining a "buy" rating on the stock.
• Valley National Bancorp recently reported earnings per share (EPS) of $0.23, exceeding analysts' expectations, and its revenue increased by 9.3% compared to the same quarter last year.
• There is strong institutional interest in Valley National Bancorp, with 61% of the stock owned by hedge funds and institutional investors, indicating robust confidence in the bank’s performance.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its target price boosted by stock analysts at Truist Financial from $11.00 to $13.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 18.10% from the stock's previous close.

A number of other research analysts also recently issued reports on VLY. Cantor Fitzgerald initiated coverage on Valley National Bancorp in a research note on Wednesday, September 10th. They set an "overweight" rating and a $12.00 price objective for the company. Barclays restated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. National Bankshares set a $12.00 price objective on Valley National Bancorp in a research note on Tuesday, September 9th. Jefferies Financial Group started coverage on Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective on the stock. Finally, Royal Bank Of Canada boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.85.

Valley National Bancorp Price Performance

NASDAQ:VLY traded up $0.43 during mid-day trading on Friday, reaching $11.01. The stock had a trading volume of 4,281,305 shares, compared to its average volume of 8,921,917. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $6.16 billion, a P/E ratio of 14.13 and a beta of 1.13. The firm has a 50 day moving average price of $9.90 and a two-hundred day moving average price of $9.17. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. The firm's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in Valley National Bancorp by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after purchasing an additional 1,377,676 shares during the period. Geode Capital Management LLC lifted its holdings in Valley National Bancorp by 4.1% in the 2nd quarter. Geode Capital Management LLC now owns 12,791,712 shares of the company's stock worth $114,242,000 after purchasing an additional 499,647 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Valley National Bancorp by 101.5% during the first quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock valued at $89,308,000 after acquiring an additional 5,147,786 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Valley National Bancorp by 43.4% during the first quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company's stock valued at $90,810,000 after acquiring an additional 3,091,169 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Valley National Bancorp by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company's stock worth $69,494,000 after buying an additional 204,942 shares in the last quarter. Institutional investors 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.