Valley National Bancorp (NASDAQ:VLY) PT Raised to $9.00

Valley National Bancorp (NASDAQ:VLY) had its target price raised by Royal Bank of Canada from $8.00 to $9.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 9.62% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. StockNews.com raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Keefe, Bruyette & Woods increased their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Wedbush reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Valley National Bancorp in a report on Wednesday, May 22nd. Finally, Barclays reduced their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.61.

Valley National Bancorp Stock Up 1.7 %

Shares of NASDAQ:VLY traded up $0.14 during mid-day trading on Friday, hitting $8.21. 1,546,253 shares of the company traded hands, compared to its average volume of 5,883,180. The stock has a market cap of $4.18 billion, a P/E ratio of 9.64 and a beta of 1.08. The stock has a 50-day moving average price of $7.13 and a two-hundred day moving average price of $7.94. 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 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). The firm had revenue of $884.68 million for the quarter, compared to the consensus estimate of $458.67 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same period last year, the company posted $0.28 earnings per share. On average, equities research analysts forecast that Valley National Bancorp will post 0.84 earnings per share for the current year.

Insider Activity at Valley National Bancorp

In related news, EVP Joseph Chillura sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $7.43, for a total value of $185,750.00. Following the transaction, the executive vice president now owns 10,000 shares in the company, valued at approximately $74,300. The sale was disclosed in a filing with the SEC, which is available through this link. In other Valley National Bancorp news, EVP Joseph Chillura sold 25,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $7.43, for a total transaction of $185,750.00. Following the transaction, the executive vice president now directly owns 10,000 shares of the company’s stock, valued at $74,300. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Andrew B. Abramson sold 16,451 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the sale, the director now owns 224,679 shares of the company’s stock, valued at $1,734,521.88. The disclosure for this sale can be found here. Insiders sold 51,451 shares of company stock worth $378,452 over the last three months. 1.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. Pacer Advisors Inc. lifted its stake in shares of Valley National Bancorp by 79.1% in the 4th quarter. Pacer Advisors Inc. now owns 64,112 shares of the company’s stock valued at $696,000 after purchasing an additional 28,321 shares during the last quarter. AlphaMark Advisors LLC lifted its holdings in shares of Valley National Bancorp by 14.5% in the 4th quarter. AlphaMark Advisors LLC now owns 30,022 shares of the company’s stock valued at $326,000 after buying an additional 3,801 shares during the period. Trust Point Inc. acquired a new position in shares of Valley National Bancorp during the 4th quarter worth $276,000. International Assets Investment Management LLC raised its position in shares of Valley National Bancorp by 986.0% in the fourth quarter. International Assets Investment Management LLC now owns 19,820 shares of the company’s stock valued at $215,000 after buying an additional 17,995 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC increased its stake in Valley National Bancorp by 15.5% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 26,569 shares of the company’s stock valued at $289,000 after purchasing an additional 3,569 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

About Valley National Bancorp

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.