Valley National Bancorp (NASDAQ:VLY) Sets New 52-Week High – Here’s Why

Valley National Bancorp (NASDAQ:VLY) hit a new 52-week high on Thursday . The company traded as high as $12.60 and last traded at $12.6050, with a volume of 1016940 shares changing hands. The stock had previously closed at $12.37.

Analysts Set New Price Targets

A number of research firms recently weighed in on VLY. Wall Street Zen raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. National Bankshares set a $14.50 price objective on shares of Valley National Bancorp in a report on Tuesday, December 16th. Jefferies Financial Group upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and upped their target price for the stock from $11.00 to $14.00 in a report on Wednesday, September 24th. Royal Bank Of Canada lifted their price target on Valley National Bancorp from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Finally, Cantor Fitzgerald lifted their target price on Valley National Bancorp from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $13.43.

Valley National Bancorp Trading Up 1.0%

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. The stock has a 50-day simple moving average of $11.61 and a 200 day simple moving average of $10.73. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 14.20 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The firm had revenue of $511.08 million during the quarter, compared to analysts’ expectations of $511.47 million. During the same period last year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities research analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Institutional Trading of Valley National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp acquired a new stake in Valley National Bancorp during the second quarter valued at $39,000. Smartleaf Asset Management LLC lifted its position in shares of Valley National Bancorp by 77.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock valued at $48,000 after buying an additional 1,996 shares in the last quarter. Danske Bank A S acquired a new stake in Valley National Bancorp in the 3rd quarter valued at $55,000. Hantz Financial Services Inc. raised its position in Valley National Bancorp by 11,831.1% during the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock worth $48,000 after acquiring an additional 5,324 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in Valley National Bancorp by 244.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company’s stock valued at $53,000 after purchasing an additional 4,177 shares in the last quarter. 61.00% of the stock is 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.