Valley National Bancorp (NASDAQ:VLY) Hits New 1-Year High – What’s Next?

Valley National Bancorp (NASDAQ:VLY)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $13.87 and last traded at $13.5650, with a volume of 531611 shares trading hands. The stock had previously closed at $13.62.

Analysts Set New Price Targets

Several research analysts have recently issued reports on VLY shares. Citigroup restated a “buy” rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. TD Cowen raised their target price on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, January 30th. UBS Group initiated coverage on Valley National Bancorp in a research note on Monday, December 15th. They issued a “buy” rating and a $15.00 price target for the company. JPMorgan Chase & Co. upped their target price on shares of Valley National Bancorp from $14.00 to $14.50 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Finally, Royal Bank Of Canada upped their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.20.

Valley National Bancorp Price Performance

The stock has a market cap of $7.51 billion, a price-to-earnings ratio of 13.31 and a beta of 1.10. The company has a 50 day simple moving average of $12.13 and a 200-day simple moving average of $11.06. 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 (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The business had revenue of $541.25 million during the quarter, compared to the consensus estimate of $524.31 million. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.Valley National Bancorp’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the company earned $0.13 earnings per share. Research analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Hedge Funds Weigh In On Valley National Bancorp

A number of institutional investors have recently added to or reduced their stakes in VLY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Valley National Bancorp by 5.9% in 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 acquiring an additional 15,771 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Valley National Bancorp during the first quarter worth about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Valley National Bancorp by 21.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock worth $12,852,000 after buying an additional 255,870 shares during the last quarter. Focus Partners Wealth raised its stake in Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock valued at $541,000 after buying an additional 15,761 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its position in shares of Valley National Bancorp by 9.1% in the second quarter. KLP Kapitalforvaltning AS now owns 105,940 shares of the company’s stock valued at $956,000 after buying an additional 8,800 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

About Valley National Bancorp

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.