Valley National Bancorp (NASDAQ:VLY – Get Free Report) had its price target hoisted by stock analysts at Barclays from $14.00 to $15.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 0.23% from the stock’s previous close.
A number of other research analysts have also recently issued reports on the company. Morgan Stanley reaffirmed a “positive” rating on shares of Valley National Bancorp in a report on Monday, June 29th. JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $15.00 to $17.50 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. UBS Group set a $17.00 target price on shares of Valley National Bancorp in a research note on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Finally, Piper Sandler increased their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research note on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.63.
Check Out Our Latest Analysis on VLY
Valley National Bancorp Price Performance
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $531.89 million. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.During the same quarter in the previous year, the company posted $0.18 EPS. On average, equities research analysts predict that Valley National Bancorp will post 1.29 earnings per share for the current fiscal year.
Insider Activity
In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer directly owned 76,116 shares in the company, valued at approximately $1,113,577.08. This represents a 25.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Russell Barrett sold 90,537 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the completion of the transaction, the chief operating officer directly owned 64,167 shares in the company, valued at $868,821.18. This trade represents a 58.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.06% of the company’s stock.
Institutional Trading of Valley National Bancorp
A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in shares of Valley National Bancorp by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company’s stock valued at $152,200,000 after acquiring an additional 247,651 shares during the last quarter. Azora Capital LP bought a new position in shares of Valley National Bancorp in the 3rd quarter worth $103,120,000. Marshall Wace LLP boosted its position in shares of Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock worth $79,787,000 after purchasing an additional 6,217,716 shares during the last quarter. Norges Bank acquired a new stake in shares of Valley National Bancorp during the fourth quarter worth $71,554,000. Finally, AQR Capital Management LLC grew its stake in shares of Valley National Bancorp by 3.9% during the fourth quarter. AQR Capital Management LLC now owns 6,024,409 shares of the company’s stock worth $70,365,000 after purchasing an additional 224,996 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.
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.
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