Valley National Bancorp (NASDAQ:VLY) Stock Rating Lowered by Zacks Research

Valley National Bancorp (NASDAQ:VLY) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on VLY. Truist Financial lifted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Morgan Stanley lifted their target price on Valley National Bancorp from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Jefferies Financial Group raised Valley National Bancorp from a “hold” rating to a “buy” rating and increased their price objective for the company from $11.00 to $14.00 in a research report on Wednesday, September 24th. National Bankshares set a $15.00 price objective on shares of Valley National Bancorp in a report on Monday, October 27th. Finally, Citigroup raised shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $10.00 to $13.50 in a research report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Valley National Bancorp Price Performance

VLY stock opened at $11.97 on Tuesday. The firm has a 50 day moving average of $10.88 and a 200-day moving average of $10.09. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $6.67 billion, a P/E ratio of 13.56 and a beta of 1.10. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.95.

Valley National Bancorp (NASDAQ:VLY) last released 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. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The business had revenue of $511.08 million during the quarter, compared to analysts’ expectations of $511.47 million. During the same quarter in the previous year, the company earned $0.18 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

Hedge funds have recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Valley National Bancorp during the 1st quarter worth approximately $35,000. Atlantic Union Bankshares Corp acquired a new position in shares of Valley National Bancorp in the second quarter worth about $39,000. Smartleaf Asset Management LLC boosted its stake in shares of Valley National Bancorp by 77.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock worth $48,000 after acquiring an additional 1,996 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Valley National Bancorp during the 3rd quarter valued at about $55,000. Finally, Hantz Financial Services Inc. increased its stake in shares of Valley National Bancorp by 11,831.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company’s stock valued at $48,000 after purchasing an additional 5,324 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Company Profile

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.