Valley National Bancorp (NASDAQ:VLY) Hits New 1-Year High – Here’s What Happened

Valley National Bancorp (NASDAQ:VLY)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $13.87 and last traded at $13.5650, with a volume of 531611 shares traded. The stock had previously closed at $13.62.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VLY. UBS Group assumed coverage on Valley National Bancorp in a research report on Monday, December 15th. They set a “buy” rating and a $15.00 target price for the company. Hovde Group upped their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. National Bank Financial set a $16.00 price objective on shares of Valley National Bancorp in a report on Friday, January 30th. JPMorgan Chase & Co. boosted their target price on shares of Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Finally, Janney Montgomery Scott raised Valley National Bancorp to a “strong-buy” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.20.

Valley National Bancorp Trading Up 1.4%

The stock’s 50 day simple moving average is $12.20 and its 200 day simple moving average is $11.09. The firm has a market cap of $7.52 billion, a PE ratio of 13.36 and a beta of 1.10. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The company had revenue of $541.25 million during the quarter, compared to the consensus estimate of $524.31 million. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The firm’s revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC purchased a new position in shares of Valley National Bancorp in the 4th quarter valued at approximately $26,000. First Horizon Corp increased its stake in shares of Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after acquiring an additional 1,108 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Valley National Bancorp in the second quarter worth about $39,000. Geneos Wealth Management Inc. purchased a new stake in Valley National Bancorp in the fourth quarter worth about $39,000. Finally, Hantz Financial Services Inc. increased its stake 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 purchasing an additional 5,324 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

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.