Valley National Bancorp (NASDAQ:VLY) Upgraded by Barclays to Equal Weight Rating

Valley National Bancorp (NASDAQ:VLY) was upgraded by equities researchers at Barclays from an “underweight” rating to an “equal weight” rating in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $10.00 target price on the stock, up from their prior target price of $9.00. Barclays‘s target price would suggest a potential upside of 6.16% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Piper Sandler raised their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. lifted their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Royal Bank of Canada raised their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Morgan Stanley upped their target price 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $9.75.

Valley National Bancorp Price Performance

Shares of VLY stock opened at $9.42 on Thursday. The firm has a fifty day simple moving average of $8.89 and a 200-day simple moving average of $7.96. The company has a market capitalization of $4.80 billion, a PE ratio of 15.19 and a beta of 1.08. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in Valley National Bancorp by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock valued at $179,537,000 after buying an additional 337,416 shares during the last quarter. AQR Capital Management LLC lifted its position in Valley National Bancorp by 193.2% in the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after purchasing an additional 6,703,552 shares during the last quarter. Millennium Management LLC lifted its position in Valley National Bancorp by 995.0% in the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after purchasing an additional 2,522,204 shares during the last quarter. Leeward Investments LLC MA boosted its stake in Valley National Bancorp by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,900,986 shares of the company’s stock valued at $13,269,000 after purchasing an additional 101,099 shares during the period. Finally, Stieven Capital Advisors L.P. grew its position in Valley National Bancorp by 32.3% in the 2nd quarter. Stieven Capital Advisors L.P. now owns 1,100,066 shares of the company’s stock worth $7,678,000 after purchasing an additional 268,600 shares during 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.