Valley National Bancorp (NASDAQ:VLY) Stock Keeps Outperform Rating at Royal Bank Of Canada

Valley National Bancorp (NASDAQ:VLY)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank Of Canada in a report issued on Tuesday, Benzinga reports. They currently have a $17.00 target price on the stock. Royal Bank Of Canada’s target price points to a potential upside of 32.71% from the company’s current price.

Several other brokerages have also recently weighed in on VLY. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Barclays lifted their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. National Bank Financial set a $17.50 price objective on shares of Valley National Bancorp in a report on Wednesday, July 1st. Truist Financial boosted their price target on shares of Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, UBS Group set a $17.00 price objective on Valley National Bancorp in a report on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.46.

Valley National Bancorp Stock Up 0.2%

VLY stock opened at $12.81 on Tuesday. Valley National Bancorp has a fifty-two week low of $9.64 and a fifty-two week high of $15.20. The stock has a market cap of $7.08 billion, a PE ratio of 10.86 and a beta of 1.03. 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 firm’s 50-day simple moving average is $14.09 and its 200 day simple moving average is $13.70.

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). The firm had revenue of $560.74 million during the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 1.27 EPS for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors have recently bought and sold shares of VLY. Sequoia Financial Advisors LLC grew its stake in shares of Valley National Bancorp by 22.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 75,084 shares of the company’s stock worth $1,100,000 after buying an additional 13,729 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Valley National Bancorp by 24.3% during the 2nd 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% during the 2nd quarter. IFP Advisors Inc now owns 8,478 shares of the company’s stock worth $124,000 after acquiring an additional 5,981 shares in the last quarter. Allworth Financial LP increased its stake in 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 purchasing an additional 1,518 shares in the last quarter. Finally, Waverly Advisors LLC increased its stake in Valley National Bancorp by 5.8% during the 2nd quarter. Waverly Advisors LLC now owns 21,744 shares of the company’s stock valued at $319,000 after purchasing an additional 1,198 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Valley National Bancorp

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

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.