Analysts Set Valley National Bancorp (NASDAQ:VLY) Target Price at $12.68

Valley National Bancorp (NASDAQ:VLY) has been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $12.6786.

VLY has been the topic of a number of research reports. Royal Bank Of Canada boosted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Citigroup upgraded shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $10.00 to $13.50 in a research report on Monday, September 15th. JPMorgan Chase & Co. upped their price target on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, October 1st. Cowen assumed coverage on shares of Valley National Bancorp in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, Hovde Group began coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They set an “outperform” rating and a $12.50 target price for the company.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds have recently modified their holdings of VLY. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Valley National Bancorp during the first quarter valued at $35,000. Farther Finance Advisors LLC raised its holdings in Valley National Bancorp by 206.6% during the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company’s stock worth $38,000 after buying an additional 2,896 shares during the period. Brown Lisle Cummings Inc. purchased a new stake in Valley National Bancorp during the first quarter valued at about $39,000. Atlantic Union Bankshares Corp purchased a new position in shares of Valley National Bancorp in the second quarter worth approximately $39,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of Valley National Bancorp by 11,831.1% during the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock valued at $48,000 after acquiring an additional 5,324 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Trading Up 4.3%

Shares of NASDAQ:VLY opened at $10.22 on Friday. The company has a 50 day moving average of $10.47 and a 200-day moving average of $9.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm has a market cap of $5.72 billion, a P/E ratio of 13.10 and a beta of 1.12. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.16.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $495.01 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.13 earnings per share. As a group, analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

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.