Valley National Bancorp (NASDAQ:VLY) Raised to “Equal Weight” at Barclays

Barclays upgraded shares of Valley National Bancorp (NASDAQ:VLY) from an underweight rating to an equal weight rating in a report published on Thursday, Marketbeat Ratings reports. The brokerage currently has $10.00 target price on the stock, up from their prior target price of $9.00.

VLY has been the topic of several other reports. Keefe, Bruyette & Woods upped their price target on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Morgan Stanley increased their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Wedbush reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Finally, Piper Sandler increased their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.75.

Valley National Bancorp Price Performance

VLY opened at $9.55 on Thursday. The company has a market capitalization of $4.86 billion, a P/E ratio of 15.27 and a beta of 1.08. The company has a 50-day moving average of $8.88 and a 200-day moving average of $7.95. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same period last year, the firm earned $0.26 earnings per share. Equities analysts expect that Valley National Bancorp will post 0.67 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.61%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Retirement Systems of Alabama grew its position in Valley National Bancorp by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock valued at $4,263,000 after buying an additional 1,435 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Valley National Bancorp by 11.1% in the second quarter. Diversified Trust Co now owns 14,317 shares of the company’s stock valued at $100,000 after acquiring an additional 1,435 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock valued at $44,000 after acquiring an additional 1,564 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in Valley National Bancorp by 7.6% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock worth $276,000 after purchasing an additional 2,154 shares in the last quarter. 61.00% of the stock is 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.