Barclays Upgrades Valley National Bancorp (NASDAQ:VLY) to "Equal Weight"

Valley National Bancorp (NASDAQ:VLY - Get Free Report) was upgraded by stock analysts at Barclays from an "underweight" rating to an "equal weight" rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm currently has a $10.00 price target on the stock, up from their prior price target of $9.00. Barclays's price objective suggests a potential upside of 5.60% from the stock's current price.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley increased their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. Royal Bank of Canada increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods increased their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a "market perform" rating in a research note on Friday, July 26th. StockNews.com cut shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, August 14th. Finally, Piper Sandler increased their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Valley National Bancorp presently has a consensus rating of "Hold" and an average price target of $9.75.

Valley National Bancorp Stock Performance

Valley National Bancorp stock traded down $0.22 during trading hours on Thursday, reaching $9.47. 6,676,167 shares of the stock were exchanged, compared to its average volume of 5,840,850. The firm's 50 day moving average is $8.88 and its 200 day moving average is $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. The stock has a market cap of $4.82 billion, a P/E ratio of 15.27 and a beta of 1.08. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

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

Institutional Investors Weigh In On Valley National Bancorp

Several hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Valley National Bancorp in the third quarter worth approximately $25,000. Greenwich Wealth Management LLC purchased a new position in Valley National Bancorp in the third quarter valued at approximately $95,000. New York State Teachers Retirement System raised its holdings in Valley National Bancorp by 1.0% in the third quarter. New York State Teachers Retirement System now owns 281,539 shares of the company's stock valued at $2,551,000 after buying an additional 2,791 shares during the period. State of Alaska Department of Revenue raised its holdings in Valley National Bancorp by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 49,422 shares of the company's stock valued at $447,000 after buying an additional 3,370 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Valley National Bancorp by 18.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 42,549 shares of the company's stock valued at $385,000 after buying an additional 6,521 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

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.