Valley National Bancorp (NASDAQ:VLY) Given New $11.00 Price Target at Royal Bank of Canada

Valley National Bancorp (NASDAQ:VLY) had its price objective lifted by analysts at Royal Bank of Canada from $10.00 to $11.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 18.28% from the stock’s previous close.

Several other brokerages have also issued reports on VLY. Piper Sandler boosted their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday. Wedbush reissued a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Keefe, Bruyette & Woods lifted their target price on 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. Finally, JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.63.

Valley National Bancorp Trading Down 3.1 %

NASDAQ:VLY traded down $0.30 during midday trading on Friday, reaching $9.30. 2,703,726 shares of the stock traded hands, compared to its average volume of 5,838,396. The stock has a market capitalization of $4.74 billion, a P/E ratio of 13.11 and a beta of 1.08. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. 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 has a fifty day moving average of $8.76 and a 200 day moving average of $7.88.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $921.22 million for the quarter, compared to analysts’ expectations 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 previous year, the business posted $0.26 EPS. On average, research analysts predict that Valley National Bancorp will post 0.7 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of 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 during the last quarter. Millennium Management LLC grew 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 valued at $19,374,000 after acquiring an additional 2,522,204 shares in the last quarter. Stieven Capital Advisors L.P. bought a new stake in Valley National Bancorp in the 1st quarter valued at $6,618,000. BNP Paribas Financial Markets grew its position in Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock worth $4,874,000 after acquiring an additional 484,332 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Valley National Bancorp by 461.7% during the second quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock worth $3,960,000 after acquiring an additional 466,303 shares during the last quarter. 61.00% of the stock is currently 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.