Royal Bank Of Canada Reaffirms “Outperform” Rating for Valley National Bancorp (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank Of Canada in a report issued on Tuesday, Benzinga reports. They currently have a $17.00 price target on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 32.92% from the stock’s current price.

A number of other brokerages have also recently issued reports on VLY. JPMorgan Chase & Co. reduced their price objective on shares of Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Piper Sandler upped their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a report on Friday, June 26th. Cantor Fitzgerald raised their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Barclays lifted their target price on Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Truist Financial increased their price target on Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a research report on Friday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.46.

Valley National Bancorp Price Performance

Shares of VLY opened at $12.79 on Tuesday. The business’s fifty day moving average is $14.09 and its 200 day moving average is $13.70. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The stock has a market cap of $7.07 billion, a P/E ratio of 10.84 and a beta of 1.03.

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

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE lifted its position in shares of Valley National Bancorp by 8.0% during the 1st quarter. Bank of America Corp DE now owns 3,919,652 shares of the company’s stock valued at $48,133,000 after buying an additional 290,534 shares during the last quarter. Legal & General Group Plc purchased a new stake in Valley National Bancorp in the 2nd quarter worth about $9,391,000. Bank of New York Mellon Corp purchased a new stake in Valley National Bancorp in the 2nd quarter worth about $68,276,000. World Investment Advisors raised its stake in Valley National Bancorp by 141.7% in the 1st quarter. World Investment Advisors now owns 199,243 shares of the company’s stock valued at $2,447,000 after acquiring an additional 116,826 shares during the period. Finally, First Trust Advisors LP raised its stake in Valley National Bancorp by 6.0% in the 1st quarter. First Trust Advisors LP now owns 1,411,434 shares of the company’s stock valued at $17,332,000 after acquiring an additional 80,308 shares during the period. 61.00% of the stock is currently owned by institutional investors.

Key Valley National Bancorp News

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

About Valley National Bancorp

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.