What i have read on Morning Star it is ready to move up in a big way.

Neutral/Moderate Risk - Price 11.25 on July 20
by Boenning & Scattergood

VLY is among the strongest-performing publicly traded banking institutions of size in the U.S. Credit-quality metrics and return on common-equity levels...have been and are likely to continue to be superior to the industry. The bank's core earnings power and excess capital position [shows] it can endure a protracted economic downturn. Yet the value of the common stock fully reflects [the company's] financial strength...the shares currently trade in line with peers on a forward price/earnings basis, but at a 98% premium to peers on a price-to-[tangible-book-value, or] TBV basis. We believe the bank's credit losses on the loan book...likely remain well-contained for remainder of '09. Impairment charges on the trust-preferred securities positions represent the greatest threat to profitability....We're establishing operating EPS estimates of 63 cents for 2009 and 80 cents for 2010, both below consensus. Our estimate for '09 includes FDIC special assessments for 2Q09 and 4Q09....We believe the pace of bank failures will continue to increase, and the FDIC will be compelled to impose additional assessments post-2Q09. Market cap: $1.6 billion.

From a recent Mad Money show:"It's a bank, and that means sell, sell, sell. Geithner could come out at any time and kill the banks again. We're not going to recommend that."

Perhaps the TOP takeover candidate in the NY Metropolitan area. This $12B+ bank needs to be saved from itself. The stock is a bargain right now at $22 and change.

BusinessWeek thinks Valley National might get taken over by JPM , C, or HSBC

Bot for takeover prospect which does not seem likely.

GROWTH