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

Valley National Bancorp (NASDAQ:VLY)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank Of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $17.00 price objective on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 35.30% from the company’s previous close.

Several other brokerages 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 on the stock in a research note on Friday, July 24th. TD Cowen reissued a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Morgan Stanley decreased their price objective on Valley National Bancorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday. UBS Group set a $17.00 price objective on Valley National Bancorp in a research report on Tuesday, July 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $16.46.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY traded down $0.22 on Tuesday, hitting $12.57. The company had a trading volume of 4,160,757 shares, compared to its average volume of 7,109,114. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The company has a market cap of $6.94 billion, a PE ratio of 10.65 and a beta of 1.03. Valley National Bancorp has a 52-week low of $9.64 and a 52-week high of $15.20. The business has a 50 day moving average of $14.09 and a 200 day moving average of $13.70.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities analysts anticipate that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Institutional Trading of Valley National Bancorp

Institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC raised its holdings in Valley National Bancorp by 22.4% in the second quarter. Sequoia Financial Advisors LLC now owns 75,084 shares of the company’s stock valued at $1,100,000 after buying an additional 13,729 shares during the period. Tidal Investments LLC increased its position in shares of Valley National Bancorp by 24.3% in the second quarter. Tidal Investments LLC now owns 69,997 shares of the company’s stock worth $1,025,000 after acquiring an additional 13,687 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Valley National Bancorp by 239.5% in the 2nd quarter. IFP Advisors Inc now owns 8,478 shares of the company’s stock valued at $124,000 after acquiring an additional 5,981 shares during the period. Allworth Financial LP lifted its holdings in shares of Valley National Bancorp by 2.3% during the 2nd quarter. Allworth Financial LP now owns 68,078 shares of the company’s stock valued at $997,000 after acquiring an additional 1,518 shares in the last quarter. Finally, Waverly Advisors LLC boosted its position in Valley National Bancorp by 5.8% during the 2nd quarter. Waverly Advisors LLC now owns 21,744 shares of the company’s stock worth $319,000 after purchasing an additional 1,198 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

More Valley National Bancorp News

Here are the key news stories impacting Valley National Bancorp this week:

• Positive Sentiment: Royal Bank of Canada reaffirmed its “outperform” rating and maintained a $17.00 price target, implying substantial upside from recent trading levels. Royal Bank of Canada rating update
• Positive Sentiment: Valley announced an agreement to acquire Bluevine for approximately $340 million. Management says the transaction will accelerate Valley’s digital small-business strategy, expand its technology capabilities and meaningfully strengthen core funding. Valley National to acquire Bluevine
• Neutral Sentiment: The related management call emphasized Bluevine’s digital platform and small-business customer base, offering potential for faster growth and broader funding sources. Investors will likely focus on the purchase price, deal funding, expected financial contribution and integration timetable. Valley National and Bluevine M&A call transcript
• Negative Sentiment: The acquisition announcement was accompanied by a negative market reaction, suggesting investors are concerned about execution risk, the use of capital and whether Bluevine can deliver the expected growth benefits. Valley National to buy Bluevine
• Negative Sentiment: Morgan Stanley lowered its price target from $17.00 to $16.00 and assigned an “equal weight” rating, tempering the bullish analyst outlook even though the revised target still indicates potential appreciation. Morgan Stanley rating update

Valley National Bancorp Company Profile

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.