Valley National Bancorp (VLY) Rating Increased to Buy at Zacks Investment Research

Valley National Bancorp (NYSE:VLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $13.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 6.64% from the stock’s current price.

According to Zacks, “Valley National Bancorp is a bank holding company whose principal subsidiary is Valley National Bank. Valley National Bank provides a full range of commercial and retail banking services through branch offices located in northern New Jersey. These services include the following: the acceptance of demand, savings and time deposits; extension of consumer, real estate, Small Business Administration and other commercial credits; title insurance; investment services; and full personal and corporate trust, as well as pension and fiduciary services. “

A number of other brokerages have also recently commented on VLY. Keefe, Bruyette & Woods restated a “buy” rating and issued a $15.00 price target on shares of Valley National Bancorp in a research report on Friday, December 22nd. Royal Bank of Canada started coverage on Valley National Bancorp in a research note on Thursday, December 21st. They issued an “outperform” rating and a $14.00 price objective on the stock. Finally, Piper Jaffray Companies raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 price objective on the stock in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Valley National Bancorp presently has a consensus rating of “Hold” and a consensus target price of $13.21.

Valley National Bancorp (VLY) opened at $12.19 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.98 and a quick ratio of 0.97. Valley National Bancorp has a 12-month low of $10.61 and a 12-month high of $12.82. The company has a market capitalization of $3,222.67, a price-to-earnings ratio of 17.93 and a beta of 0.89.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The company had revenue of $193.00 million during the quarter, compared to the consensus estimate of $195.03 million. During the same quarter in the previous year, the business posted $0.16 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. analysts expect that Valley National Bancorp will post 0.68 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Valley National Bancorp by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock valued at $108,000 after buying an additional 817 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of Valley National Bancorp by 26.2% during the second quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 2,031 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Valley National Bancorp during the third quarter valued at about $126,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Valley National Bancorp during the third quarter valued at about $272,000. Finally, Csenge Advisory Group acquired a new stake in shares of Valley National Bancorp during the third quarter valued at about $145,000. 63.83% of the stock is currently owned by institutional investors and hedge funds.

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About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.

Analyst Recommendations for Valley National Bancorp (NYSE:VLY)

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