Weiss Ratings Reaffirms Hold (C+) Rating for Valley National Bancorp (NASDAQ:VLY)

Key Points

• Weiss Ratings has reaffirmed a Hold (C+) rating for Valley National Bancorp (NASDAQ:VLY), highlighting a stable outlook from analysts.
• Following a recent earnings report, Valley National Bancorp exceeded EPS expectations with $0.28 against a consensus estimate of $0.26, showing an 8.5% year-over-year revenue increase.
• The stock currently has a consensus rating of Moderate Buy with an average price target of $12.70, according to analysts.

Valley National Bancorp (NASDAQ:VLY - Get Free Report)'s stock had its "hold (c+)" rating reissued by equities research analysts at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

Other equities analysts have also recently issued reports about the company. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Friday, October 3rd. Citigroup raised Valley National Bancorp from a "neutral" rating to a "buy" rating and raised their price target for the company from $10.00 to $13.50 in a report on Monday, September 15th. Barclays reissued a "positive" rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Cantor Fitzgerald began coverage on Valley National Bancorp in a report on Wednesday, September 10th. They set an "overweight" rating and a $12.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price target on Valley National Bancorp from $11.50 to $12.00 and gave the company a "market perform" rating in a report on Friday. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.70.

Valley National Bancorp Stock Performance

Valley National Bancorp stock traded up $0.42 during trading on Friday, reaching $10.98. The company had a trading volume of 16,345,213 shares, compared to its average volume of 14,481,826. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.28. The firm's 50-day simple moving average is $10.49 and its 200 day simple moving average is $9.49. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 12.88 and a beta of 1.12. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its 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. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The company had revenue of $511.11 million for the quarter, compared to analysts' expectations of $511.47 million. During the same period last year, the firm earned $0.18 EPS. Valley National Bancorp's revenue for the quarter was up 8.5% compared to the same quarter last year. Sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Valley National Bancorp in the first quarter worth about $35,000. Atlantic Union Bankshares Corp purchased a new position in Valley National Bancorp in the second quarter worth about $39,000. Hantz Financial Services Inc. grew its position in Valley National Bancorp by 11,831.1% in the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company's stock worth $48,000 after acquiring an additional 5,324 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Valley National Bancorp by 244.7% in the second quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock worth $53,000 after acquiring an additional 4,177 shares in the last quarter. Finally, Signaturefd LLC grew its position in Valley National Bancorp by 23.2% in the second quarter. Signaturefd LLC now owns 6,895 shares of the company's stock worth $62,000 after acquiring an additional 1,297 shares in 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.

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