Valley National Bancorp (NASDAQ:VLY) Given New $10.00 Price Target at Wedbush

Valley National Bancorp (NASDAQ:VLY) had its price target hoisted by equities researchers at Wedbush from $9.00 to $10.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price objective would suggest a potential upside of 12.23% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Barclays cut their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Keefe, Bruyette & Woods boosted their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Royal Bank of Canada boosted their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Morgan Stanley raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $8.00 to $9.50 in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.56.

Valley National Bancorp Stock Down 1.4 %

VLY traded down $0.13 during midday trading on Tuesday, reaching $8.91. 1,717,937 shares of the company were exchanged, compared to its average volume of 5,968,475. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99. The company’s fifty day moving average price is $8.29 and its 200 day moving average price is $7.68. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 10.48 and a beta of 1.08. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The business had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. During the same quarter last year, the business posted $0.28 EPS. As a group, analysts expect that Valley National Bancorp will post 0.7 EPS for the current year.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its stake in Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after buying an additional 6,703,552 shares in the last quarter. Norges Bank bought a new position in Valley National Bancorp in the fourth quarter worth $49,734,000. Millennium Management LLC raised its stake in Valley National Bancorp by 995.0% during the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after acquiring an additional 2,522,204 shares in the last quarter. Stieven Capital Advisors L.P. acquired a new stake in Valley National Bancorp in the first quarter worth about $6,618,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Valley National Bancorp by 378.4% during the 1st quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after purchasing an additional 484,332 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

About Valley National Bancorp

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.