Valley National Bancorp (NASDAQ:VLY) Given New $17.00 Price Target at Morgan Stanley

Valley National Bancorp (NASDAQ:VLY) had its price target hoisted by research analysts at Morgan Stanley from $16.00 to $17.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 21.30% from the company’s current price.

Other analysts have also issued research reports about the company. Truist Financial lifted their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a report on Friday, July 10th. Hovde Group boosted their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. UBS Group set a $17.00 price objective on shares of Valley National Bancorp in a research note on Tuesday, July 7th. Cantor Fitzgerald boosted their target price 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. Finally, TD Cowen reiterated a “buy” rating on shares of Valley National Bancorp in a research report on Wednesday, June 17th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Valley National Bancorp has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Valley National Bancorp Stock Performance

Shares of VLY stock traded down $0.01 during trading hours on Tuesday, reaching $14.02. The company had a trading volume of 2,175,246 shares, compared to its average volume of 7,074,912. The business has a fifty day moving average price of $14.47 and a 200-day moving average price of $13.63. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The firm has a market cap of $7.74 billion, a PE ratio of 11.87 and a beta of 1.03. 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 issued its earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million during the quarter, compared to analysts’ expectations of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 EPS. Sell-side analysts predict that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the sale, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.06% of the company’s stock.

Institutional Trading of Valley National Bancorp

Several institutional investors have recently made changes to their positions in VLY. Cedar Mountain Advisors LLC purchased a new stake in Valley National Bancorp during the 1st quarter valued at approximately $26,000. Assetmark Inc. lifted its holdings in shares of Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Valley National Bancorp during the fourth quarter worth $26,000. Compass Financial Management LLC purchased a new position in Valley National Bancorp during the second quarter valued at $28,000. Finally, Root Financial Partners LLC increased its holdings in Valley National Bancorp by 127.3% in the 1st quarter. Root Financial Partners LLC now owns 3,976 shares of the company’s stock valued at $49,000 after acquiring an additional 2,227 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Company Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.