Valley National Bancorp (NASDAQ:VLY) PT Raised to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price objective upped by research analysts at Piper Sandler from $9.00 to $10.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 5.82% from the stock’s previous close.

A number of other brokerages have also recently commented on VLY. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Wedbush reissued a “neutral” rating and set a $10.00 target price on shares of Valley National Bancorp in a research note on Friday. JPMorgan Chase & Co. lifted 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 Wednesday, October 9th. Morgan Stanley increased their price objective on 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. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.13.

Valley National Bancorp Stock Down 1.6 %

NASDAQ:VLY traded down $0.15 during trading hours on Friday, hitting $9.45. The company’s stock had a trading volume of 824,042 shares, compared to its average volume of 5,829,315. The stock has a market capitalization of $4.81 billion, a P/E ratio of 13.31 and a beta of 1.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $8.76 and a 200-day moving average of $7.88. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The firm had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same period in the previous year, the company earned $0.26 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post 0.7 earnings per share for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds have recently added to or reduced their stakes in VLY. Dimensional Fund Advisors LP increased its stake in shares of Valley National Bancorp by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock worth $179,537,000 after purchasing an additional 337,416 shares in the last quarter. AQR Capital Management LLC grew its holdings in Valley National Bancorp by 193.2% during the 2nd 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 during the last quarter. Millennium Management LLC increased its position 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 buying an additional 2,522,204 shares in the last quarter. Leeward Investments LLC MA raised its holdings in shares of Valley National Bancorp by 5.6% in the second quarter. Leeward Investments LLC MA now owns 1,900,986 shares of the company’s stock worth $13,269,000 after acquiring an additional 101,099 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Valley National Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 1,619,511 shares of the company’s stock valued at $12,891,000 after acquiring an additional 26,209 shares in the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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.