Valley National Bancorp (NASDAQ:VLY) Upgraded at Zacks Research

Zacks Research upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

A number of other brokerages have also issued reports on VLY. Janney Montgomery Scott upgraded Valley National Bancorp to a “strong-buy” rating in a research note on Wednesday, October 22nd. Cantor Fitzgerald boosted their price target on Valley National Bancorp from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial increased their price objective on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, September 12th. Cowen reissued a “buy” rating on shares of Valley National Bancorp in a report on Monday. Finally, Hovde Group started coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They set an “outperform” rating and a $12.50 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $13.25.

Valley National Bancorp Trading Down 2.1%

Shares of VLY stock opened at $10.96 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 12.45 and a beta of 1.12. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.35. The firm has a fifty day moving average price of $10.59 and a 200-day moving average price of $9.59.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $511.11 million during the quarter, compared to analysts’ expectations of $511.47 million. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 earnings per share. As a group, equities analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Monday, December 15th. Valley National Bancorp’s payout ratio is 50.00%.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently bought and sold shares of VLY. Principal Financial Group Inc. boosted its position in Valley National Bancorp by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company’s stock valued at $9,787,000 after acquiring an additional 10,996 shares in the last quarter. GAMMA Investing LLC boosted its position in Valley National Bancorp by 22.4% during the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company’s stock valued at $83,000 after purchasing an additional 1,709 shares in the last quarter. Hourglass Capital LLC grew its stake in Valley National Bancorp by 6.3% in the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company’s stock valued at $3,952,000 after purchasing an additional 26,280 shares during the last quarter. OneDigital Investment Advisors LLC raised its holdings in Valley National Bancorp by 33.3% in the first quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company’s stock worth $152,000 after purchasing an additional 4,261 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Valley National Bancorp by 14.4% during the first quarter. Swiss National Bank now owns 973,960 shares of the company’s stock valued at $8,659,000 after buying an additional 122,600 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

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.