Valley National Bancorp (NASDAQ:VLY) Stock Rating Reaffirmed as “Outperform” by Royal Bank Of Canada

Valley National Bancorp (NASDAQ:VLY)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank Of Canada in a report issued on Tuesday, Benzinga reports. They presently have a $17.00 price objective on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 33.17% from the company’s current price.

Several other equities research analysts have also recently issued reports on VLY. TD Cowen reiterated a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Truist Financial lifted their price objective on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a research report on Friday, July 10th. Cantor Fitzgerald boosted their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Morgan Stanley reduced their price target on shares of Valley National Bancorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Monday, September 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Valley National Bancorp in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.19.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $12.77 on Tuesday. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The company’s 50-day moving average is $13.95 and its 200 day moving average is $13.73. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 10.82 and a beta of 1.07. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 EPS 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 for the quarter, compared to analysts’ expectations of $557.16 million. During the same period last year, the company posted $0.23 earnings per share. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. Sell-side analysts expect that Valley National Bancorp will post 1.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Valley National Bancorp during the second quarter valued at $1,079,026,000. Wellington Management Group LLP boosted its stake in shares of Valley National Bancorp by 29.5% during the second quarter. Wellington Management Group LLP now owns 20,091,604 shares of the company’s stock valued at $294,342,000 after purchasing an additional 4,576,448 shares during the period. Geode Capital Management LLC boosted its stake in shares of Valley National Bancorp by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company’s stock valued at $152,200,000 after purchasing an additional 247,651 shares during the period. Azora Capital LP purchased a new stake in shares of Valley National Bancorp during the second quarter valued at $150,121,000. Finally, Norges Bank purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at $71,554,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.