Morgan Stanley Forecasts Strong Price Appreciation for Valley National Bancorp (NASDAQ:VLY) Stock

Valley National Bancorp (NASDAQ:VLY) had its price target hoisted by research analysts at Morgan Stanley from $14.00 to $16.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 27.49% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. UBS Group assumed coverage on shares of Valley National Bancorp in a report on Monday, December 15th. They set a “buy” rating and a $15.00 target price for the company. JPMorgan Chase & Co. raised their price objective on Valley National Bancorp from $14.00 to $14.50 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. National Bank Financial set a $16.00 target price on Valley National Bancorp in a report on Friday, January 30th. TD Cowen upped their target price on Valley National Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods increased their price target on Valley National Bancorp from $12.50 to $13.00 and gave the company a “market perform” rating in a research report on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.40.

Valley National Bancorp Price Performance

NASDAQ:VLY opened at $12.55 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average price is $12.54 and its 200 day moving average price is $11.45. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $13.87. The firm has a market cap of $6.97 billion, a P/E ratio of 12.43 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $524.31 million. During the same period in the prior year, the company earned $0.13 EPS. Valley National Bancorp’s revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Valley National Bancorp news, Director Carlos J. Vazquez acquired 2,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was purchased at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the transaction, the director owned 4,252 shares of the company’s stock, valued at $57,189.40. The trade was a 142.69% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.43% of the company’s stock.

Institutional Trading of Valley National Bancorp

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Valley National Bancorp by 5.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock valued at $2,508,000 after purchasing an additional 15,771 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Valley National Bancorp during the 1st quarter valued at $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Valley National Bancorp by 21.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock valued at $12,852,000 after acquiring an additional 255,870 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock worth $541,000 after acquiring an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Valley National Bancorp during the second quarter worth $119,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

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.