Stock analysts at Royal Bank of Canada initiated coverage on shares of Valley National Bancorp (NYSE:VLY) in a research report issued on Thursday. The firm set an “outperform” rating and a $14.00 price target on the financial services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 22.70% from the stock’s current price.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, October 28th. Keefe, Bruyette & Woods restated a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a research report on Friday, September 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.14.
Shares of Valley National Bancorp (NYSE:VLY) opened at $11.41 on Thursday. The company has a market cap of $3,010.00, a PE ratio of 16.78 and a beta of 0.89. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.98 and a quick ratio of 0.97. Valley National Bancorp has a 12-month low of $10.61 and a 12-month high of $12.82.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Valley National Bancorp by 2.1% during the second quarter. Vanguard Group Inc. now owns 21,880,605 shares of the financial services provider’s stock worth $258,410,000 after purchasing an additional 448,524 shares during the last quarter. Crawford Investment Counsel Inc. boosted its stake in Valley National Bancorp by 5.1% during the second quarter. Crawford Investment Counsel Inc. now owns 196,413 shares of the financial services provider’s stock worth $2,320,000 after buying an additional 9,470 shares during the period. Rhumbline Advisers boosted its stake in Valley National Bancorp by 2.2% during the second quarter. Rhumbline Advisers now owns 548,774 shares of the financial services provider’s stock worth $6,481,000 after buying an additional 11,838 shares during the period. Capital Advisors Inc. OK boosted its stake in Valley National Bancorp by 8.5% during the second quarter. Capital Advisors Inc. OK now owns 1,138,475 shares of the financial services provider’s stock worth $13,445,000 after buying an additional 88,936 shares during the period. Finally, Chicago Equity Partners LLC boosted its stake in Valley National Bancorp by 22.0% during the third quarter. Chicago Equity Partners LLC now owns 637,215 shares of the financial services provider’s stock worth $7,678,000 after buying an additional 114,780 shares during the period. Hedge funds and other institutional investors own 63.83% of the company’s stock.
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About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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