Valley National Bancorp (NASDAQ:VLY) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Valley National Bancorp (NASDAQ:VLYGet Free Report) had its price objective upped by Keefe, Bruyette & Woods from $15.00 to $16.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 10.14% from the stock’s previous close.

VLY has been the subject of a number of other reports. Morgan Stanley restated a “positive” rating on shares of Valley National Bancorp in a report on Monday, June 29th. Piper Sandler lifted their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research report on Friday, June 26th. JPMorgan Chase & Co. boosted their price target on shares of Valley National Bancorp from $15.00 to $17.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Cantor Fitzgerald upped their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.07.

Read Our Latest Stock Report on VLY

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock traded up $0.08 during trading on Friday, hitting $14.53. 6,271,847 shares of the stock traded hands, compared to its average volume of 7,283,214. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 13.11 and a beta of 1.03. The firm’s fifty day moving average is $14.19 and its 200-day moving average is $13.23. Valley National Bancorp has a 52 week low of $8.95 and a 52 week high of $15.20.

Valley National Bancorp (NASDAQ:VLYGet Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $560.74 million during the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. Research analysts expect that Valley National Bancorp will post 1.3 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at $1,113,577.08. This represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Russell Barrett sold 90,537 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the sale, the chief operating officer directly owned 64,167 shares of the company’s stock, valued at $868,821.18. The trade was a 58.52% decrease in their position. 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 institutional investors have recently modified their holdings of VLY. Cedar Mountain Advisors LLC purchased a new position in Valley National Bancorp during the 1st quarter valued at about $26,000. Assetmark Inc. grew its position in shares of Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Valley National Bancorp in the 4th quarter worth approximately $26,000. First Horizon Corp increased its stake in shares of Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $39,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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Valley National Bancorp Company Profile

(Get Free Report)

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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Analyst Recommendations for Valley National Bancorp (NASDAQ:VLY)

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