Royal Bank of Canada Issues Positive Forecast for Valley National Bancorp (NASDAQ:VLY) Stock Price

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by stock analysts at Royal Bank of Canada from $11.00 to $12.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 18.05% from the stock’s previous close.

Several other equities analysts have also issued reports on VLY. Piper Sandler upped their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Morgan Stanley raised their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Wedbush reissued a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Finally, Stephens reaffirmed an “overweight” rating and set a $12.50 target price on shares of Valley National Bancorp in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.56.

Valley National Bancorp Price Performance

VLY traded up $0.39 during midday trading on Friday, hitting $10.17. The company had a trading volume of 5,029,876 shares, compared to its average volume of 8,337,984. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The company has a market capitalization of $5.18 billion, a PE ratio of 16.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The firm’s 50-day simple moving average is $9.75 and its 200-day simple moving average is $9.02.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VLY. Geode Capital Management LLC raised its position in Valley National Bancorp by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock valued at $101,170,000 after buying an additional 300,385 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Valley National Bancorp by 193.2% in the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after purchasing an additional 6,703,552 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Valley National Bancorp by 384.2% during the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock worth $81,276,000 after purchasing an additional 7,118,044 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Valley National Bancorp by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock valued at $63,159,000 after purchasing an additional 98,574 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Valley National Bancorp by 1,501.7% in the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after buying an additional 5,322,278 shares during 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.