Valley National Bancorp (NASDAQ:VLY) PT Raised to $9.00

Valley National Bancorp (NASDAQ:VLY) had its target price raised by research analysts at Barclays from $8.00 to $9.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s target price indicates a potential downside of 3.23% from the company’s previous close.

Several other research firms also recently commented on VLY. Piper Sandler increased their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Royal Bank of Canada raised their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday. Keefe, Bruyette & Woods raised their price target on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. Finally, StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.63.

Valley National Bancorp Stock Down 3.1 %

NASDAQ:VLY traded down $0.30 during trading hours on Friday, reaching $9.30. 2,703,726 shares of the stock were exchanged, compared to its average volume of 5,838,396. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a 50 day moving average of $8.76 and a 200 day moving average of $7.88. The stock has a market cap of $4.74 billion, a PE ratio of 13.11 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter in the prior year, the firm posted $0.26 EPS. On average, equities analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Retirement Systems of Alabama increased its position in Valley National Bancorp by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock worth $4,263,000 after buying an additional 1,435 shares during the period. Diversified Trust Co increased its position in Valley National Bancorp by 11.1% during the 2nd quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock worth $100,000 after buying an additional 1,435 shares during the period. Blue Trust Inc. increased its position in Valley National Bancorp by 48.2% during the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after buying an additional 1,564 shares during the period. GAMMA Investing LLC increased its position in shares of Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after purchasing an additional 2,151 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Valley National Bancorp by 7.6% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock worth $276,000 after purchasing an additional 2,154 shares during the period. 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.