Valley National Bancorp (NASDAQ:VLY) Given Outperform Rating at Royal Bank Of Canada

Valley National Bancorp (NASDAQ:VLY)‘s stock had its “outperform” rating reaffirmed by stock analysts at Royal Bank Of Canada in a note issued to investors on Tuesday, Benzinga reports. They currently have a $17.00 target price on the stock. Royal Bank Of Canada’s target price points to a potential upside of 34.97% from the company’s previous close.

A number of other equities analysts also recently commented on VLY. TD Cowen restated a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. JPMorgan Chase & Co. dropped their price target on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Piper Sandler boosted their price objective on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Finally, Truist Financial increased their target price on Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research report on Friday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $16.46.

Valley National Bancorp Stock Down 1.4%

Shares of NASDAQ:VLY traded down $0.19 during midday trading on Tuesday, reaching $12.60. The company had a trading volume of 1,652,906 shares, compared to its average volume of 7,096,156. The stock has a market capitalization of $6.96 billion, a P/E ratio of 10.68 and a beta of 1.03. The stock’s fifty day moving average price is $14.09 and its 200-day moving average price is $13.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.23 EPS. Equities research analysts expect that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Institutional Trading of Valley National Bancorp

Several large investors have recently added to or reduced their stakes in VLY. Bank of America Corp DE lifted its stake in shares of Valley National Bancorp by 8.0% in the 1st quarter. Bank of America Corp DE now owns 3,919,652 shares of the company’s stock worth $48,133,000 after acquiring an additional 290,534 shares during the period. Legal & General Group Plc acquired a new position in shares of Valley National Bancorp during the second quarter valued at approximately $9,391,000. Bank of New York Mellon Corp bought a new stake in Valley National Bancorp during the second quarter worth approximately $68,276,000. World Investment Advisors lifted its position in Valley National Bancorp by 141.7% in the first quarter. World Investment Advisors now owns 199,243 shares of the company’s stock worth $2,447,000 after purchasing an additional 116,826 shares during the period. Finally, First Trust Advisors LP lifted its position in Valley National Bancorp by 6.0% in the first quarter. First Trust Advisors LP now owns 1,411,434 shares of the company’s stock worth $17,332,000 after purchasing an additional 80,308 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp News Roundup

Here are the key news stories impacting Valley National Bancorp this week:

• Positive Sentiment: The Bluevine acquisition would give Valley National greater exposure to digitally focused small-business banking, potentially expanding deposits, customer relationships and fee-generating opportunities. Management discussed the strategic rationale and transaction details during an M&A call. Transcript: Valley National Bancorp, Bluevine Inc. M&A Call
• Positive Sentiment: Valley said the deal should meaningfully enhance its core funding capabilities, a potentially favorable development for lending growth and the bank’s funding mix. Valley National Bancorp to Acquire Bluevine
• Neutral Sentiment: Morgan Stanley lowered its price target for VLY to $16 from $17 and maintained an “equal weight” rating. The revised target still implies substantial upside from the reference price, but the rating signals limited conviction in near-term outperformance. Morgan Stanley analyst action
• Negative Sentiment: The roughly $340 million purchase has prompted a negative initial market reaction, likely reflecting concerns about acquisition execution, integration costs, valuation and the potential effect on capital or near-term earnings. Valley National to Buy Bluevine, Shares Skid

Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and financial services to consumers, businesses, commercial real estate clients and municipalities.

Valley National Bank offers deposit accounts, consumer and business lending, commercial and industrial loans, commercial real estate financing, residential mortgages, home equity products, and treasury management services.