Valley National Bancorp (NASDAQ:VLY) Stock Rating Upgraded by UBS Group

Valley National Bancorp (NASDAQ:VLY) was upgraded by UBS Group to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also weighed in on VLY. Barclays boosted their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Morgan Stanley reiterated a “positive” rating on shares of Valley National Bancorp in a report on Monday, June 29th. JPMorgan Chase & Co. raised their target price on shares of Valley National Bancorp from $15.00 to $17.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. TD Cowen restated a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Finally, Royal Bank Of Canada upped their price target on Valley National Bancorp from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.63.

Valley National Bancorp Trading Up 1.3%

Shares of VLY stock opened at $14.66 on Tuesday. Valley National Bancorp has a fifty-two week low of $8.95 and a fifty-two week high of $15.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s fifty day moving average is $13.92 and its two-hundred day moving average is $13.03. The firm has a market capitalization of $8.12 billion, a P/E ratio of 13.21 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same quarter in the prior year, the firm earned $0.18 earnings per share. Research analysts expect that Valley National Bancorp will post 1.3 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Russell Barrett sold 90,537 shares of Valley National Bancorp stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $13.54, for a total transaction of $1,225,870.98. Following the transaction, the chief operating officer directly owned 64,167 shares in the company, valued at $868,821.18. This trade represents a 58.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.06% of the stock is currently owned by company insiders.

Institutional Trading of Valley National Bancorp

Institutional investors have recently made changes to their positions in the company. Cedar Mountain Advisors LLC acquired a new position in Valley National Bancorp in the first quarter valued at approximately $26,000. Assetmark Inc. increased its stake in Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after acquiring an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Valley National Bancorp in the fourth quarter valued at $26,000. First Horizon Corp raised its position in Valley National Bancorp by 52.5% in the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after purchasing an additional 1,108 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new stake in Valley National Bancorp in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.