Valley National Bancorp (NASDAQ:VLY) Stock Rating Cut to Market Perform at Keefe, Bruyette & Woods

Valley National Bancorp (NASDAQ:VLY) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, FinViz reports. They presently have a $17.00 target price on the stock. Keefe, Bruyette & Woods‘s price objective indicates a potential upside of 18.10% from the company’s previous close.

A number of other brokerages have also recently weighed in on VLY. Citigroup lifted their price objective on shares of Valley National Bancorp from $18.00 to $18.50 and gave the company a “buy” rating in a report on Monday, October 26th. Morgan Stanley increased their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, October 23rd. National Bank Financial set a $18.50 price target on shares of Valley National Bancorp in a research report on Monday, October 26th. Truist Financial boosted their price target on shares of Valley National Bancorp from $16.50 to $17.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $17.00 price target on shares of Valley National Bancorp in a research note on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Valley National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $16.86.

Valley National Bancorp Trading Up 2.2%

NASDAQ VLY traded up $0.32 during trading on Monday, hitting $14.39. The stock had a trading volume of 5,380,464 shares, compared to its average volume of 7,128,759. The company has a market capitalization of $7.95 billion, a PE ratio of 11.43 and a beta of 1.09. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average price of $13.40 and a 200 day moving average price of $13.50. Valley National Bancorp has a twelve month low of $10.34 and a twelve month high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $581.10 million for the quarter, compared to analyst estimates of $577.82 million. Valley National Bancorp had a net margin of 20.44% and a return on equity of 9.63%. During the same period in the prior year, the firm earned $0.28 earnings per share. As a group, equities research analysts forecast that Valley National Bancorp will post 1.29 earnings per share for the current year.

Institutional Trading of Valley National Bancorp

Several hedge funds have recently added to or reduced their stakes in VLY. Parallel Advisors LLC grew its holdings in Valley National Bancorp by 11.6% during the 3rd quarter. Parallel Advisors LLC now owns 7,491 shares of the company’s stock worth $95,000 after acquiring an additional 781 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Valley National Bancorp by 5.7% in the 2nd quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock valued at $234,000 after purchasing an additional 863 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of Valley National Bancorp by 4.4% in the 3rd quarter. Ritholtz Wealth Management now owns 25,582 shares of the company’s stock valued at $323,000 after purchasing an additional 1,082 shares in the last quarter. Waverly Advisors LLC raised its holdings in shares of Valley National Bancorp by 5.8% in the 1st quarter. Waverly Advisors LLC now owns 20,546 shares of the company’s stock valued at $252,000 after purchasing an additional 1,124 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC lifted its position in shares of Valley National Bancorp by 0.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 251,059 shares of the company’s stock worth $3,168,000 after purchasing an additional 1,173 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp is a bank holding company whose principal subsidiary, Valley National Bank, provides banking and financial services to individuals, businesses and institutions. Its offerings include deposit accounts, commercial and residential lending, consumer loans, cash management and other business banking services, as well as wealth management and insurance services.

Founded in 1927, Valley is headquartered in Morristown, New Jersey. Its banking network serves customers in New Jersey, New York, Florida, Alabama and California, with services also available through digital channels.

Ira Robbins is Valley National Bancorp’s president and chief executive officer.