Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $15.00 at Barclays

Key Points

• Barclays raised its price target on Valley National Bancorp from $14.00 to $15.00 while keeping an “equal weight” rating on the stock.
• Other analysts remain mostly positive, with several firms lifting targets to $16.50 or $16.00 and the broader consensus standing at a Moderate Buy with an average target of $15.63.
• Valley National Bancorp recently reported better-than-expected quarterly earnings, with EPS of $0.29 versus $0.27 expected and revenue of $1.01 billion, while the stock traded near its 12-month high at $14.96.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its target price lifted by analysts at Barclays from $14.00 to $15.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price target suggests a potential upside of 0.23% from the stock's previous close.

VLY has been the subject of several other research reports. Hovde Group increased their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Piper Sandler boosted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an "overweight" rating in a research note on Friday, June 26th. TD Cowen reaffirmed a "buy" rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Morgan Stanley reiterated a "positive" rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Finally, Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Valley National Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $15.63.

Valley National Bancorp Stock Performance

NASDAQ:VLY traded up $0.17 during trading hours on Tuesday, hitting $14.96. 1,556,259 shares of the company traded hands, compared to its average volume of 7,292,873. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a twelve month low of $8.95 and a twelve month high of $14.98. The firm has a 50-day moving average of $13.85 and a 200 day moving average of $12.97. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 13.48 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. During the same period last year, the business posted $0.18 EPS. On average, analysts forecast that Valley National Bancorp will post 1.29 EPS for the current year.

Insider Activity

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of Valley National Bancorp stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer directly owned 76,116 shares of the company's stock, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Russell Barrett sold 90,537 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $13.54, for a total value of $1,225,870.98. Following the completion of the sale, the chief operating officer owned 64,167 shares in the company, valued at approximately $868,821.18. This represents a 58.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.06% of the company's stock.

Institutional Trading of Valley National Bancorp

A number of large investors have recently bought and sold shares of VLY. Geode Capital Management LLC lifted its holdings in shares of Valley National Bancorp by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company's stock valued at $152,200,000 after acquiring an additional 247,651 shares during the period. Azora Capital LP bought a new stake in shares of Valley National Bancorp in the 3rd quarter worth about $103,120,000. Marshall Wace LLP grew its holdings in shares of Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company's stock worth $79,787,000 after purchasing an additional 6,217,716 shares during the last quarter. Norges Bank acquired a new stake in shares of Valley National Bancorp during the 4th quarter worth about $71,554,000. Finally, AQR Capital Management LLC increased its position in shares of Valley National Bancorp by 3.9% during the 4th quarter. AQR Capital Management LLC now owns 6,024,409 shares of the company's stock worth $70,365,000 after purchasing an additional 224,996 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Company Profile

Valley National Bancorp NASDAQ: VLY is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.

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