Valley National Bancorp (NASDAQ:VLY) Hits New 1-Year High – What’s Next?
by Danessa Lincoln · The Markets DailyShares of Valley National Bancorp (NASDAQ:VLY – Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $13.87 and last traded at $13.5650, with a volume of 531611 shares. The stock had previously closed at $13.62.
Analyst Ratings Changes
Several research firms have commented on VLY. 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 report on Friday, January 30th. TD Cowen upped their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Keefe, Bruyette & Woods raised their price objective on shares of Valley National Bancorp from $12.50 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. Zacks Research cut Valley National Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Finally, UBS Group assumed coverage on Valley National Bancorp in a research report on Monday, December 15th. They issued a “buy” rating and a $15.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $14.20.
View Our Latest Stock Report on VLY
Valley National Bancorp Trading Down 1.1%
The firm has a market capitalization of $7.51 billion, a P/E ratio of 13.31 and a beta of 1.10. 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 firm has a 50 day moving average of $12.13 and a 200-day moving average of $11.06.
Valley National Bancorp (NASDAQ:VLY – Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $541.25 million for the quarter, compared to analyst estimates of $524.31 million. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The company’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned $0.13 EPS. On average, equities research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Valley National Bancorp
Several institutional investors and hedge funds have recently bought and sold shares of VLY. Azora Capital LP acquired a new position in shares of Valley National Bancorp during the 3rd quarter worth $103,120,000. Norges Bank acquired a new stake in Valley National Bancorp in the fourth quarter valued at about $71,554,000. UBS Group AG grew its position in Valley National Bancorp by 404.7% in the third quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock valued at $62,197,000 after acquiring an additional 4,704,971 shares during the last quarter. Holocene Advisors LP acquired a new position in Valley National Bancorp during the third quarter worth about $34,593,000. Finally, Artemis Investment Management LLP lifted its holdings in shares of Valley National Bancorp by 252.9% in the fourth quarter. Artemis Investment Management LLP now owns 3,910,203 shares of the company’s stock worth $45,671,000 after acquiring an additional 2,802,080 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.
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.