Valley National Bancorp (NASDAQ:VLY – Get Rating) had its price objective dropped by research analysts at Morgan Stanley from $14.00 to $13.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 14.24% from the stock’s current price.
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VLY has been the subject of several other reports. JPMorgan Chase & Co. reduced their price objective on Valley National Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, December 13th. StockNews.com began coverage on Valley National Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler reduced their price objective on Valley National Bancorp to $14.00 in a research note on Wednesday, October 5th. Hovde Group reduced their price objective on Valley National Bancorp to $14.00 in a research note on Tuesday, November 1st. Finally, Raymond James dropped their target price on shares of Valley National Bancorp from $14.00 to $13.00 and set a “strong-buy” rating for the company in a report on Friday. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $13.43.
Valley National Bancorp Stock Down 0.5 %
NASDAQ VLY traded down $0.06 during mid-day trading on Friday, reaching $11.38. The stock had a trading volume of 392,824 shares, compared to its average volume of 2,546,996. The stock has a market cap of $5.76 billion, a PE ratio of 10.76 and a beta of 1.12. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.96 and a quick ratio of 0.96. The company has a fifty day moving average price of $11.56 and a 200 day moving average price of $11.72. Valley National Bancorp has a 1 year low of $10.01 and a 1 year high of $14.59.
Valley National Bancorp (NASDAQ:VLY – Get Rating) last announced its earnings results on Thursday, October 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $510.19 million during the quarter, compared to analyst estimates of $505.78 million. Valley National Bancorp had a net margin of 27.19% and a return on equity of 10.78%. On average, research analysts expect that Valley National Bancorp will post 1.31 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund lifted its holdings in shares of Valley National Bancorp by 1.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 123,613 shares of the company’s stock valued at $1,398,000 after acquiring an additional 1,239 shares during the last quarter. Comerica Bank lifted its holdings in shares of Valley National Bancorp by 15.4% in the 4th quarter. Comerica Bank now owns 218,450 shares of the company’s stock valued at $2,451,000 after acquiring an additional 29,230 shares during the last quarter. Inspire Investing LLC lifted its holdings in shares of Valley National Bancorp by 8.9% in the 4th quarter. Inspire Investing LLC now owns 20,864 shares of the company’s stock valued at $236,000 after acquiring an additional 1,700 shares during the last quarter. PL Capital Advisors LLC bought a new position in shares of Valley National Bancorp in the 4th quarter valued at about $2,085,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Valley National Bancorp by 2.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 50,111 shares of the company’s stock valued at $567,000 after acquiring an additional 1,029 shares during the last quarter. Institutional investors own 54.77% of the company’s stock.
About Valley National Bancorp
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Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Commercial Lending, Consumer Lending, and Investment Management segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.
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