Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price objective raised by research analysts at Wedbush from $9.00 to $10.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Wedbush’s price objective points to a potential upside of 15.47% from the stock’s current price. Wedbush also issued estimates for Valley National Bancorp’s Q3 2024 earnings at $0.18 EPS, Q4 2024 earnings at $0.19 EPS, FY2024 earnings at $0.69 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.24 EPS, Q3 2025 earnings at $0.26 EPS, Q4 2025 earnings at $0.27 EPS, FY2025 earnings at $1.00 EPS and FY2026 earnings at $1.15 EPS.

Several other research firms also recently commented on VLY. Royal Bank of Canada raised their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $8.00 to $9.50 in a research note on Monday, August 5th. Keefe, Bruyette & Woods upped their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, Barclays lowered their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.56.

Valley National Bancorp Stock Down 1.9 %

Shares of VLY stock opened at $8.66 on Tuesday. The company has a 50 day simple moving average of $8.32 and a two-hundred day simple moving average of $7.69. The stock has a market cap of $4.41 billion, a P/E ratio of 10.19 and a beta of 1.08. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The company had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter last year, the company earned $0.28 earnings per share. On average, research analysts expect that Valley National Bancorp will post 0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in shares of Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock worth $4,874,000 after buying an additional 484,332 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Valley National Bancorp during the 1st quarter worth approximately $1,021,000. State Board of Administration of Florida Retirement System boosted its position in shares of Valley National Bancorp by 74.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock valued at $1,977,000 after acquiring an additional 106,290 shares during the last quarter. State of Michigan Retirement System grew its holdings in shares of Valley National Bancorp by 2.4% in the first quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Norges Bank bought a new stake in Valley National Bancorp in the fourth quarter worth $49,734,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.