Valley National Bancorp (NASDAQ:VLY) Upgraded by StockNews.com to “Hold” Rating

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.

VLY has been the subject of a number of other research reports. Barclays raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $9.00 to $10.00 in a report on Thursday, October 31st. Royal Bank of Canada boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Morgan Stanley raised their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Piper Sandler upped their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $9.88.

Valley National Bancorp Price Performance

NASDAQ VLY opened at $10.14 on Tuesday. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.16 billion, a P/E ratio of 16.35 and a beta of 1.07. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22. The firm’s fifty day simple moving average is $9.05 and its two-hundred day simple moving average is $8.06.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same quarter last year, the company earned $0.26 earnings per share. Analysts forecast that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

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

Institutional Trading of Valley National Bancorp

Hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC raised its position in shares of Valley National Bancorp by 31.5% in the third quarter. Cerity Partners LLC now owns 180,907 shares of the company’s stock worth $1,639,000 after acquiring an additional 43,364 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Valley National Bancorp by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock worth $63,159,000 after purchasing an additional 98,574 shares in the last quarter. Intech Investment Management LLC boosted its position in Valley National Bancorp by 332.7% during the third quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock worth $1,481,000 after purchasing an additional 125,695 shares in the last quarter. Pathstone Holdings LLC grew its holdings in Valley National Bancorp by 44.7% in the third quarter. Pathstone Holdings LLC now owns 231,591 shares of the company’s stock valued at $2,098,000 after purchasing an additional 71,553 shares during the period. Finally, LMR Partners LLP purchased a new stake in shares of Valley National Bancorp in the third quarter valued at approximately $1,448,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

About Valley National Bancorp

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.