Royal Bank of Canada Forecasts Strong Price Appreciation for Valley National Bancorp (NASDAQ:VLY) Stock

Valley National Bancorp (NASDAQ:VLY) had its price objective increased by research analysts at Royal Bank of Canada from $11.00 to $12.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 17.99% from the company’s current price.

Several other analysts also recently issued reports on VLY. Piper Sandler upped their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Barclays increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Stephens reiterated an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of “Hold” and a consensus target price of $10.56.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $10.17 on Friday. The firm has a market cap of $5.18 billion, a P/E ratio of 16.40 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The stock’s 50-day moving average is $9.75 and its two-hundred day moving average is $9.06.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter last year, the business posted $0.22 EPS. Analysts predict that Valley National Bancorp will post 0.64 earnings per share for the current fiscal year.

Institutional Trading of Valley National Bancorp

A number of hedge funds have recently modified their holdings of VLY. R Squared Ltd bought a new position in shares of Valley National Bancorp during the 4th quarter worth about $25,000. Pacer Advisors Inc. lifted its stake in Valley National Bancorp by 8.8% during the fourth quarter. Pacer Advisors Inc. now owns 67,976 shares of the company’s stock worth $616,000 after purchasing an additional 5,503 shares during the period. KBC Group NV boosted its holdings in Valley National Bancorp by 24.8% during the fourth quarter. KBC Group NV now owns 18,035 shares of the company’s stock valued at $163,000 after purchasing an additional 3,585 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Valley National Bancorp by 22.4% in the 4th quarter. SG Americas Securities LLC now owns 56,228 shares of the company’s stock valued at $509,000 after purchasing an additional 10,300 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of Valley National Bancorp by 17.0% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company’s stock worth $323,000 after buying an additional 5,181 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.