Valley National Bancorp (NASDAQ:VLY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Valley National Bancorp (NASDAQ:VLY) have received a consensus rating of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $13.4286.

Several equities research analysts have recently weighed in on the stock. Zacks Research cut shares of Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Cantor Fitzgerald boosted their price objective on shares of Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. UBS Group began coverage on Valley National Bancorp in a research report on Monday, December 15th. They set a “buy” rating and a $15.00 target price on the stock. Barclays reiterated a “positive” rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in Valley National Bancorp during the second quarter valued at approximately $39,000. Smartleaf Asset Management LLC increased its position in shares of Valley National Bancorp by 77.4% during the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock worth $48,000 after purchasing an additional 1,996 shares in the last quarter. Danske Bank A S acquired a new position in shares of Valley National Bancorp during the third quarter worth $55,000. Hantz Financial Services Inc. lifted its holdings in shares of Valley National Bancorp by 11,831.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock valued at $48,000 after purchasing an additional 5,324 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Valley National Bancorp by 244.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company’s stock worth $53,000 after purchasing an additional 4,177 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

VLY opened at $11.91 on Monday. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 13.53 and a beta of 1.09. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $12.68. The business’s fifty day simple moving average is $11.66 and its 200-day simple moving average is $10.77.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The company had revenue of $511.08 million during the quarter, compared to analyst estimates of $511.47 million. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, equities research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

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.