Piper Sandler Raises Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by investment analysts at Piper Sandler from $9.00 to $10.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 7.87% from the stock’s current price.

Several other research firms also recently commented on VLY. JPMorgan Chase & Co. raised their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Royal Bank of Canada upped their price target on Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley upped their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Keefe, Bruyette & Woods lifted their target price on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Finally, Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a report on Friday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.63.

Valley National Bancorp Stock Performance

VLY stock opened at $9.27 on Friday. The stock has a market capitalization of $4.72 billion, a PE ratio of 10.91 and a beta of 1.08. The stock’s 50 day simple moving average is $8.77 and its 200 day simple moving average is $7.89. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same quarter in the prior year, the firm earned $0.26 earnings per share. As a group, research analysts forecast that Valley National Bancorp will post 0.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Valley National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of VLY. New York State Teachers Retirement System increased its position in shares of Valley National Bancorp by 1.0% during the third quarter. New York State Teachers Retirement System now owns 281,539 shares of the company’s stock worth $2,551,000 after purchasing an additional 2,791 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Valley National Bancorp by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 49,422 shares of the company’s stock valued at $447,000 after acquiring an additional 3,370 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Valley National Bancorp by 18.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 42,549 shares of the company’s stock worth $385,000 after purchasing an additional 6,521 shares during the period. PFG Investments LLC acquired a new position in shares of Valley National Bancorp in the 3rd quarter valued at $131,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Valley National Bancorp by 7.6% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock valued at $276,000 after buying an additional 2,154 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

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.