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

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

Several other brokerages have also issued reports on VLY. Hovde Group upgraded shares of Valley National Bancorp from a market perform rating to an outperform rating and set a $11.50 price target for the company in a research note on Tuesday, September 5th. Wedbush raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a neutral rating in a report on Friday, July 28th. Royal Bank of Canada cut their price objective on shares of Valley National Bancorp from $11.00 to $10.00 in a report on Tuesday, October 10th. TheStreet raised shares of Valley National Bancorp from a c+ rating to a b rating in a report on Friday, August 11th. Finally, Piper Sandler cut their price objective on shares of Valley National Bancorp from $9.00 to $8.00 and set a neutral rating for the company in a report on Monday, October 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $10.56.

Valley National Bancorp Trading Up 10.6 %

Shares of VLY stock opened at $8.66 on Tuesday. The company has a 50 day moving average of $8.33 and a 200-day moving average of $8.39. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. Valley National Bancorp has a 12-month low of $6.39 and a 12-month high of $12.98. The firm has a market cap of $4.40 billion, a P/E ratio of 7.47 and a beta of 1.14.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. Valley National Bancorp had a net margin of 18.93% and a return on equity of 9.82%. The company had revenue of $871.68 million during the quarter, compared to analyst estimates of $471.14 million. During the same quarter last year, the business posted $0.35 EPS. Sell-side analysts anticipate that Valley National Bancorp will post 1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Quarry LP boosted its holdings in Valley National Bancorp by 198.1% in the 1st quarter. Quarry LP now owns 3,070 shares of the company’s stock valued at $28,000 after purchasing an additional 2,040 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Valley National Bancorp by 219.5% during the 1st quarter. Parallel Advisors LLC now owns 5,013 shares of the company’s stock worth $46,000 after acquiring an additional 3,444 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Valley National Bancorp by 46.3% during the 4th quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock worth $58,000 after acquiring an additional 1,631 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Valley National Bancorp by 73.0% during the 1st quarter. Covestor Ltd now owns 6,213 shares of the company’s stock worth $81,000 after acquiring an additional 2,622 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Valley National Bancorp by 486.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,318 shares of the company’s stock worth $49,000 after acquiring an additional 5,241 shares during the last quarter. 60.98% of the stock is owned by institutional investors.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.