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

Key Points

• Valley National Bancorp has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more favorable outlook on the stock.
• Royal Bank of Canada and Morgan Stanley have both increased their price targets for the stock to $11.00, reflecting optimistic sentiment among some analysts.
• The company reported earnings per share (EPS) of $0.23 for the last quarter, exceeding expectations and showing a 9.3% increase in revenue year-over-year.

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

Other research analysts have also recently issued research reports about the company. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $10.00 to $11.00 in a research note on Thursday, July 3rd. Jefferies Financial Group started coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective on the stock. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a research note on Friday. Finally, Royal Bank Of Canada increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $10.95.

Valley National Bancorp Trading Down 0.3%

Shares of NASDAQ VLY traded down $0.03 during midday trading on Friday, hitting $9.50. The company's stock had a trading volume of 690,047 shares, compared to its average volume of 9,187,330. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The business's 50 day moving average is $9.08 and its two-hundred day moving average is $9.12. Valley National Bancorp has a 12-month low of $7.18 and a 12-month high of $11.10. The firm has a market cap of $5.32 billion, a P/E ratio of 12.18 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share 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 firm had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same period in the prior year, the business posted $0.13 earnings per share. The company's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, equities research analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Institutional Trading of Valley National Bancorp

Institutional investors have recently made changes to their positions in the business. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Valley National Bancorp in the 1st quarter worth $35,000. Farther Finance Advisors LLC boosted its position in shares of Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after purchasing an additional 2,896 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Valley National Bancorp in the 4th quarter worth $39,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Valley National Bancorp in the 1st quarter worth $39,000. Finally, Optiver Holding B.V. boosted its position in shares of Valley National Bancorp by 80.9% in the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock worth $46,000 after purchasing an additional 2,271 shares in the last quarter. Institutional investors and hedge funds 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.