Valley National Bancorp (NASDAQ:VLY) Raised to "Hold" at Wall Street Zen

Valley National Bancorp (NASDAQ:VLY - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

Several other equities research analysts also recently commented on VLY. Royal Bank Of Canada increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $10.00 to $11.00 in a research note on Thursday, July 3rd. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a report on Friday. Finally, Jefferies Financial Group assumed coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price target for the company. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $10.73.

Valley National Bancorp Trading Down 1.0%

Shares of NASDAQ:VLY opened at $9.43 on Friday. The company's 50-day moving average price is $9.07 and its two-hundred day moving average price is $9.11. Valley National Bancorp has a one year low of $7.18 and a one year high of $11.10. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $5.28 billion, a PE ratio of 12.09 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. The business had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. Valley National Bancorp's revenue was up 9.3% on a year-over-year basis. On average, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new position in shares of Valley National Bancorp during the fourth quarter worth approximately $74,558,000. Wellington Management Group LLP increased its stake in Valley National Bancorp by 90.2% during the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock worth $154,558,000 after acquiring an additional 8,088,466 shares during the period. AQR Capital Management LLC increased its stake in Valley National Bancorp by 101.5% during the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock worth $89,308,000 after acquiring an additional 5,147,786 shares during the period. Vanguard Group Inc. raised its holdings in Valley National Bancorp by 9.2% in the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock valued at $453,020,000 after acquiring an additional 4,204,651 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Valley National Bancorp during the 1st quarter valued at $32,286,000. 61.00% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.