Valley National Bancorp (NASDAQ:VLY) Upgraded at StockNews.com

StockNews.com upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a sell rating to a hold rating in a report released on Tuesday morning.

Several other equities research analysts have also commented on VLY. Royal Bank of Canada increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Barclays upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $9.00 to $10.00 in a research note on Thursday, October 31st. Morgan Stanley increased their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Wedbush reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. Finally, Piper Sandler lifted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.88.

Valley National Bancorp Stock Down 0.4 %

Shares of NASDAQ:VLY opened at $10.14 on Tuesday. The business’s 50 day moving average is $9.12 and its 200 day moving average is $8.10. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of 16.35 and a beta of 1.07. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The firm had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the previous year, the firm earned $0.26 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s payout ratio is currently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Valley National Bancorp during the first quarter valued at approximately $1,021,000. State Board of Administration of Florida Retirement System grew its holdings in shares of Valley National Bancorp by 74.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock valued at $1,977,000 after purchasing an additional 106,290 shares during the last quarter. Edgestream Partners L.P. raised its position in Valley National Bancorp by 821.0% in the 1st quarter. Edgestream Partners L.P. now owns 392,578 shares of the company’s stock worth $3,125,000 after purchasing an additional 349,954 shares during the period. Waterfall Asset Management LLC bought a new stake in Valley National Bancorp in the second quarter worth $1,693,000. Finally, Nisa Investment Advisors LLC boosted its position in Valley National Bancorp by 34.2% during the second quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock valued at $1,107,000 after buying an additional 39,750 shares during the period. 61.00% of the stock is owned by hedge funds and other institutional investors.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.