Valley National Bancorp (VLY) Coverage Initiated at Royal Bank of Canada

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.

Valley National Bancorp (NYSE:VLY) last issued its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). The business had revenue of $193.00 million during the quarter, compared to analyst estimates of $195.03 million. Valley National Bancorp had a net margin of 19.91% and a return on equity of 8.27%. Valley National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. sell-side analysts anticipate that Valley National Bancorp will post 0.69 EPS for the current fiscal year.

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.

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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